The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being finished.
The certificates the escrow holder may obtain include:
Closing on the property happens when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The house's title gets handed over to you and title insurance is issued per the policies of your particular escrow process.
When closing is completed, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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 being in escrow. And, you can be a smarter home buyer and future homeowner.
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