Clearing the final hurdles like taking in funds, signing forms, getting the documents for loans and liens, and making sure you get a clean title to the house before your purchase gets finalized are all part of the job of the escrow agent.
The certificates the escrow holder may secure include:
You're ready to close when all parts are complete in escrow process. 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 home is then given to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.
When closing is finished, you'll pay the fees to the escrow company. I'll keep you informed on the next steps.
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.
This is a quick run-down of the escrow process. Your specific process may vary based on your lender and your escrow company.
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