Tying up any loose ends like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the home in preparation of your purchase gets finalized are all part of the job of the escrow agent.
The records the escrow holder may secure include:
Closing on the home takes place when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.
The escrow company gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Once you have the rules of the escrow process down, you can be a more assured buyer.
Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.