Settling the last details like receiving funds, signing forms, securing the documents for loans and liens, and assuring you get a clear title to the house prior to your purchase gets finalized are all part of the job of the escrow company.
Escrow agents want to obtain the following documents:
Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.
When closing is completely finished, you'll make a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the rules of the escrow process down, you can be a more assured buyer.
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