At the time of purchase, lenders and
escrow companies usually base property tax payments on the property tax bill of the current owner or seller.
Not exact matches
This is
usually due to an oversight by the
escrow company but unfortunately, you are responsible for the difference.
Taxes and insurance are
usually held in an
escrow account and paid by the mortgage
company when they are due (a portion of your monthly payment goes to fund the
escrow account).
Debt settlement
companies usually ask that you transfer this amount every month into an
escrow - like account to accumulate enough savings to pay off any settlement that is eventually reached.
Usually, your mortgage
company will pay the insurance
company once per year from an
escrow account that you fund monthly along with your principal, interest and tax payments.
I
usually have my buyer write the EMD check out to the title
company, and they hold it in
escrow until closing.
It is on this date that the
escrow company disperses funds to the seller, and the buyers get the keys to their new home (
usually from their Realtor).
In Southern California,
escrow companies are
usually separate entities from title
companies, also as mentioned above.