The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes securing payments and documents, filling out required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your place before the purchase price is fully paid.
Escrow agents want to obtain the following legal documents:
You're ready to close when all parts are done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the home is then transferred to you as new owner and correct title insurance is issued as noted in the escrow instructions.
When closing is in it's last step, you'll pay the fees to the escrow agent. As your agent, I'll let you know what is an acceptable way of paying.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Once you're at ease with the escrow process, you can be a better buyer.
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