The escrow agent makes sure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes receiving payments and certificates, completing required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your property before the purchase price is fully paid.
The pieces of paperwork the escrow agent may obtain include:
Closing on the house takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The property's title gets handed over to you and title insurance begins per the policies of your particular escrow agreement.
At the close of escrow, in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Once you have the basics of the escrow process down, you can be a informed buyer.
Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.