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Morgan guide
Exact procedures vary by transaction, lender, and escrow holder. Your escrow officer and Morgan team will keep you informed about the steps that apply to you.
The escrow holder safeguards money and documents during the transaction between buyer and seller. Escrow helps tie up loose ends: receiving funds, collecting signatures, obtaining loan and lien documents, and confirming that title can transfer as required before the purchase is finalized.
When every escrow condition is complete, charges such as inspections, title insurance, and real estate commissions are paid as instructed. Title transfers to the buyer and the applicable title insurance is issued.
Closing funds must be delivered to escrow in an acceptable form. Morgan and the escrow holder will keep you updated on the procedure and timing.
A separate mortgage escrow account is often created to pay recurring property expenses while a loan is outstanding. It is generally funded in part at closing, then the homeowner contributes through the monthly mortgage payment.
The servicer uses those funds for expenses such as property taxes and homeowners insurance. Your arrangement may differ depending on the lender and escrow holder.