Clearing the final hurdles like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all part of the job of the escrow company.
Escrow companies compile the following forms:
You're ready to close when each step of the finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then get the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.
The escrow holder receives a payment when the closing is complete. I'll keep you up-to-date on what comes next.
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.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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