The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finalized. This includes receiving payments and documents, signing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your property before the purchase price is fully paid.
Escrow agents compile the following documents:
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 paid out. Title to the house is then transferred to you as new owner and appropriate title insurance is issued as outlined in the escrow policy.
The escrow agent gets a payment at the completion of closing. I'll keep you up-to-date on the next steps.
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.
Once you have the basics of the escrow process down, you can be a confident buyer.
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