Settling the last details like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the property prior to your purchase gets finalized are all part of the job of the escrow agent.
Escrow companies want to acquire the following legal documents:
Closing on the home takes place when all of the procedures of the escrow are done. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new homeowner and correct title insurance is issued as noted in the escrow policy.
The escrow company receives a payment when the closing is complete. As your real estate agent, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is used to pay on-going expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a simple outline of the escrow process. Your particular methods might be unique depending on your bank and your escrow agent.
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