The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being completed.
Escrow companies want to acquire the following records:
Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the home is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.
At the close of escrow, in an acceptable form to the escrow. 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. 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 quick run-down of the escrow process. Your specific process may be slightly different based on your lender and your escrow company.
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