The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being finished.
These are the legal forms that escrow companies usually look for:
You're ready to close when each step of the finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets dispersed as stated in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate professional, 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a simple outline of the escrow process. Your particular process may be different based on your bank and your escrow holder.
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