Tying up any loose ends like obtaining funds, completing forms, securing the documents for loans and liens, and assuring you get a clean title to the house before your purchase gets finalized are all part of the job of the escrow holder.
These are the pieces of paperwork that escrow companies usually look for:
You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new homeowner and related title insurance is issued as noted in the escrow instructions.
The escrow holder receives a payment when the closing is complete. As your real estate professional, I'll inform you of the acceptable form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
This is a quick run-down of the escrow process. Your individual methods may be different based on your lender and your escrow agent.
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