Escrow in House Selling

Can someone please tell me about the Escrow process in detail while selling a house?

When you sell your home , you don’t have to pay home insurance and property tax bills your mortgage escrow account pays your bills. Below, you will find the steps of the escrow process of a new homes for sale in Abbotsford BC.

  1. First of all you should have to set up the terms of the escrow agreement with the buyer of the new home with the help of your escrow representative.

  2. Then buyer will deposit all the agreed upon funds into the escrow account, covering the full sales amount of the home.

  3. To uphold the real-estate agreement, the buyer would then present all necessary paperwork to the escrow firm.

  4. A deed to the property that names the buyer as the owner of the new home will be deposited by the seller.

  5. Then, to close the new home sale, the seller may present any additional necessary paperwork.

  6. The transaction closes and the property ownership is recorded to the new buyer if the above conditions are met within the specified escrow timeline.