The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being finished. This includes securing monies and documents, finishing required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your property before the negotiated price is fully paid.
The certificates the escrow agent may secure include:
You're ready to close when all parts are finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the home is then transferred to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.
When closing is completed, you'll make a payment to the escrow company. As your real estate agent, I'll inform you of the acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a quick run-down of the escrow process. Your particular process may be different depending on your bank and your escrow agent.
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