An escrow agent is hired to assure your property closes on time and the transaction goes smoothly.
When money is held by a third party in a transaction between a buyer and a seller, it's in escrow.
For example, in an Web purchase, PayPal is the reliable third party that holds the buyer's funds, and then disburses the payment to the seller.
The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finalized.
These are the records that escrow holders usually compile:
You're ready to close when all parts are finished in escrow process.
All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions).
Title to the property is then given to you as buyer and related title insurance is issued as outlined in the escrow policy.
The escrow agent receives a payment at the completion of closing.
I'll keep you informed on the on the next steps.
Mortgage Escrow Account
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.
Once you're comfortable with the escrow process, you can be a confident buyer.
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