The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being completed.
These are the pieces of paperwork that escrow agents usually look for:
Closing on the property happens when all of the procedures of the escrow are complete. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.
The escrow company receives a payment at the completion of closing. I'll keep you updated on what comes next.
A Mortgage Escrow Account is used to make payments for on-going fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a easy to understand guide about the escrow process. Your individual plan will be slightly different depending on your bank and your escrow company.
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