With an escrow account, money is held by the lender or its agent, which then pays the taxes and insurance bills when they are due. At settlement, you may need to provide funds for this account, depending on when payments will be due. For example, if you buy your home in August and ...
• Prorates insurance, taxes, and rents, as instructed. • Fulfils buyer and seller instructions. • Allocates funds for closing costs, and verifies that required funds from each party are deposited into escrow. • Once all conditions are met; the escrow holder causes the necessary docum...