Tying up any loose ends like obtaining funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the house before your purchase gets finalized are all part of the job of the escrow agent.
These are the legal forms that escrow companies usually look to collect:
You're ready to close when each step of the finished in escrow process. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets issued as noted in the escrow instructions.
When closing is finished, you'll submit a payment to the escrow holder. I'll keep you updated on what comes next.
A Mortgage Escrow Account is used to pay recurring expenses while there is a loan on the house. 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.
Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.
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