The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes receiving payments and documents, completing required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your property before the asking price is fully paid.
These are the legal forms that escrow agents usually look for:
Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance begins per the policies of your individual escrow process.
The escrow company receives a payment at the completion of closing. I'll keep you updated on the procedure.
A Mortgage Escrow Account is established to make payments for recurring fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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