Settling the last details like receiving funds, finishing 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 holder.
Escrow agents compile the following forms:
You're ready to close when all parts are done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the house is then given to you as buyer and correct title insurance is issued as outlined in the escrow instructions.
The escrow company receives a payment at the completion of closing. 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. 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.
Once you have the basics of the escrow process down, you can be a better buyer.
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