Clearing the final hurdles like obtaining funds, completing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.
Escrow companies compile the following pieces of paperwork:
You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.
When closing is completely finished, you'll make a payment to the escrow agent. As your REALTOR, I'll let you know what is an acceptable way of paying.
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.
This is a quick run-down of the escrow process. Your specific methods will be different based on your bank and your escrow company.
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