The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes getting monies and records, filling out required forms, and getting the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your property before the purchase price is fully paid.
The pieces of paperwork the escrow holder may obtain include:
Closing on the home takes place when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the house is then given to you as now current homeowner and correct title insurance is issued as outlined in the escrow instructions.
The escrow company receives a payment when the closing is complete. As your REALTOR, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is started to make payments for recurring fees while there is a loan on the 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.
This is a quick run-down of the escrow process. Your particular process may be different based on your lender and your escrow holder.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.