The escrow company makes sure that the terms and conditions of the agreement between the two parties are performed in preparation of the sale being finalized.
These are the records that escrow holders usually compile:
Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance is issued per the steps of your particular escrow process.
The escrow holder receives a payment when the closing is complete. As your real estate agent, I'll inform you of the 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 better informed home buyer and future homeowner.
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