The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes receiving funds and paperwork, filling out required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a free title to your house before the purchase price is fully paid.
These are the pieces of paperwork that escrow holders usually look for:
Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.
The escrow company gets a payment at the completion of closing. I'll keep you updated on what comes next.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.
Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.
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