The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finished. This includes receiving payments and records, finishing required forms, and seeking out the release documents for any loans or liens that were paid off with the transaction, assuring you have a free title to your property before the purchase price is fully paid.
These are the legal documents that escrow companies usually look for:
Closing on the property takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the home and the title insurance gets issued as noted in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your agent, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is established to make payments for rolling expenses 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 better buyer.
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