The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being finalized.
These are the legal documents that escrow companies usually look for:
You're ready to close when all parts are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the home is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you informed on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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 specific plan might be slightly different depending on your lender and your escrow holder.
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