The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finished.
The certificates the escrow agent may obtain include:
Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.
The escrow agent gets a payment at the completion of closing. I'll keep you updated on the next steps.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a easy to understand guide about the escrow process. Your particular methods might be unique based on your lender and your escrow company.
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