The Property is Almost Yours

The escrow agent insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes receiving monies and certificates, finishing required forms, and obtaining 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 asking price is fully paid.
Escrow agents want to obtain the following documents:
- Fire and other insurance policies
- Title insurance policies
- Terms of sale and any seller-assisted financing
- Requests for payment for various services to be paid out of escrow funds
- Loan documents
- Tax statements
Closing on the property happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance is issued per the steps of your particular escrow process.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
The Escrow Holder Will: |
The Escrow Holder Won't: | |
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Mortgage Escrow Account
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.