The escrow company makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being completed.
These are the documents that escrow holders usually look for:
Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the house is then given 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 submit a payment to the escrow company. As your real estate 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.
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