Closing the Sale
The documentation the escrow holder may be collecting includes:
Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to the seller and appropriate title insurance is issued as outlined in the escrow instructions.
Mortgage Escrow Account
A Mortgage Escrow Account is established to pay on going expenses while there is a loan on the house. These expenses include property taxes, home insurance, mortgage insurance, and other escrow items. Generally, the Escrow Account is partially funded at closing and the home buyer makes on going contributions through their monthly mortgage payment.
We would be happy to answer any of your real estate or general area questions.