The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes securing monies and records, completing required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your place before the purchase price is fully paid.
Escrow agents look for the following documents:
Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title gets transferred to you and title insurance is issued per the steps of your particular escrow agreement.
At the close of escrow, in an acceptable form to the escrow. As your REALTOR, I'll let you know what is an acceptable 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.
Once you have the ABCs of the escrow process down, you can be a better buyer.
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