Tying up any loose ends like receiving funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the house before your purchase gets finalized are all part of the job of the escrow holder.
Escrow agents compile the following records:
Closing on the property takes place when all of the procedures of the escrow are complete. 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 property is then given to you as now current homeowner and correct title insurance is issued as noted in the escrow instructions.
At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.
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