The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being completed.
The records the escrow company may obtain include:
Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance is issued per the policies of your particular escrow process.
The escrow holder gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a simple outline of the escrow process. Your specific process will be slightly different depending on your bank and your escrow agent.
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.