Homebuyers become impatient when a pile of paperwork stands between them and a lifelong dream. Additional information about the escrow process assures the buyer that the house ownership can be transferred on closing day. Every step must be completed to avoid legal issues that can be expensive to correct at a future date.
Each escrow company has a unique set of escrow rules that must be followed to complete the house sale. Documents are prepared during this intricate process.
- House title research is completed to verify that the house ownership can be transferred.
- Liens on the property are discovered and discussed between the parties. Arrangements will be made to pay outstanding property taxes.
- Mortgage terms are reviewed to ensure that every condition is met, including original signatures on the documents.
- House buyer provides the down payment and covers closing costs.
- The buyer’s mortgage is issued.
- Closing documents are signed and funds are given to the seller.
- Upon completion of the escrow process, the documents are sent to the correct parties, and the loan file is closed.
Contact Mardelli Real Estate Team to receive real estate advice and learn more about the role escrow plays in home buying and home selling.