During the process called escrow, a neutral, third party collects and holds all of the information, documentation, and funds needed by both parties to get to the closing. They will receive the Earnest Money Deposit (EMD), complete and file forms that are required during the process, and obtain documentation of the release of any loans or liens that are paid off on the property during the transaction.
Closing takes place once all of the escrow instructions have been fulfilled. Fees and payments are collected, the property title is transferred and properly filed, and title insurance is issued on the property, according to the escrow instructions.
Have questions about the escrow process or any other aspect of a home purchase or sale? We have the advice and expertise you need to better understand every element of the process. Our goal is to provide clarity and satisfaction from your initial search all the way to the closing table and beyond. Contact us for more information.