The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finished.
Escrow holders collect the following records:
Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as now current homeowner and appropriate title insurance is issued as outlined in the escrow policy.
At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on what comes next.
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.
Once you have the rules of the escrow process down, you can be a more assured buyer.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.