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To ensure a timely and seamless closing process for your property, an escrow holder plays a crucial role. When funds are securely held by a neutral third party during a transaction between a buyer and a seller, this is known as being "in escrow." To grasp the function of an escrow company, consider it as akin to how you might use PayPal for online purchases.
The escrow holder's primary responsibility is to guarantee that all the stipulations and terms of the agreement between the seller and buyer are fulfilled before finalizing the sale. Here's an overview of the documents and records typically managed by escrow companies:
The completion of the escrow process signifies your readiness for the final steps. This includes settling all costs such as title insurance, inspections, and real estate commissions. As the property's title is transferred to you, the initiation of title insurance aligns with the provisions specified in your unique escrow agreement.
A Mortgage Escrow Account is initiated to cover ongoing expenses during the home loan period. Typically, it receives partial funding at closing, and homeowners continue to make contributions through their monthly mortgage payment. This is a simplified overview of the escrow process, and specifics can vary depending on your lender and our partner, River Valley Realty.
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