The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being completed.
Escrow companies want to obtain the following legal documents:
Closing on the house happens when all of the procedures of the escrow are finished. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets handed over to you and title insurance is issued per the policies of your individual escrow process.
The escrow agent gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.
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