The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finished. This includes receiving funds and documents, filling out required forms, and getting the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your place before the purchase price is fully paid.
Escrow agents look for the following records:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.
The escrow holder receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.
This is a quick run-down of the escrow process. Your specific plan could be unique depending on your bank and your escrow holder.
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