The escrow agent makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finalized.
Escrow holders look for the following forms:
You're ready to close when all steps are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new homeowner and related title insurance is issued as outlined in the escrow instructions.
The escrow agent gets a payment at the completion of closing. As your real estate professional, We will inform you of the acceptable way of paying.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a simple outline of the escrow process. Your specific process might be slightly different based on your lender and your escrow agent.
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