Clearing the final hurdles like obtaining funds, finishing forms, securing the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all part of the job of the escrow agent.
The documents the escrow company may secure include:
Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as new homeowner and related title insurance is issued as outlined in the escrow policy.
The escrow agent gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the rules of the escrow process down, you can be a better buyer.
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