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 home before your purchase gets finalized are all part of the job of the escrow company.
These are the legal forms that escrow holders usually compile:
You're ready to close when all parts are done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The house's title is given to you and title insurance begins per the steps of your individual escrow process.
The escrow agent receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.
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