The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finished.
Escrow companies collect the following forms:
Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title goes to you and title insurance begins per the policies of your particular escrow process.
The escrow company receives a payment when the closing is complete. I'll keep you updated on what comes next.
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.
Once you're comfortable with the escrow process, you can be a more assured buyer.
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