![]() ![]() Note that every transaction is different and yours may play out differently - particularly if the buyer is paying cash or the seller is financing the deal. Finally, the funds are wired to the seller’s bank account after closing, so the seller is usually paid within 24 hours.The escrow agent settles funds by deducting closing costs for both sides, escrow fees, and any other costs that the seller agreed to pay. On closing day, all documents are reviewed and signed.The transfer includes the down payment, and any closing costs that the buyer hasn’t already paid. One to two days before closing, the buyer sends a wire transfer to escrow.After the mortgage loan has been approved, the buyer’s lender wires the funds to escrow.Your real estate agent will be able to walk you through and help coordinate this process, but here’s an example of how this could play out in practice: Escrow to seller: The seller’s proceeds from the sale after all expenses are paid.īefore the seller gets paid, the escrow agent deducts the buyer’s agent fee, any closing costs that the seller agreed to pay, and any amount that the seller still owes on their mortgage.Buyer’s lender to escrow: The loan amount needed to finance the purchase. ![]()
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