The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finalized.
These are the records that escrow agents usually look to collect:
You're ready to close when every step is done in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets handed over to you and title insurance is issued per the policies of your individual escrow agreement.
The escrow holder receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a easy to understand guide about the escrow process. Your specific process may be different based on your bank and your escrow holder.
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