The escrow company makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finalized.
Escrow companies compile the following forms:
You're ready to close when all steps are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as buyer and correct title insurance is issued as outlined in the escrow policy.
When closing is completely finished, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a simple outline of the escrow process. Your particular process will be slightly different depending on your bank and your escrow agent.
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