Tying up any loose ends like receiving funds, signing forms, securing the documents for loans and liens, and assuring you get a spotless title to the home before your purchase gets finalized are all part of the job of the escrow company.
These are the legal forms that escrow agents usually look to collect:
Closing on the house takes place when all of the procedures of the escrow are complete. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets issued as noted in the escrow instructions.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the procedure.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.
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