The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.
Escrow agents want to obtain the following records:
Closing on the property happens when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as stated in the escrow instructions.
The title company receives a payment when the closing is complete. As your agent, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is used to pay on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a simple outline of the escrow process. Your particular process might be different depending on your bank and your escrow agent.
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