Clearing the final hurdles like taking in funds, completing forms, getting the documents for loans and liens, and making sure you get a spotless title to the property before your purchase gets finalized are all parts of closing in which an escrow holder is useful.
The pieces of paperwork the escrow company may secure include:
You're ready to close when each step of the done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the house and the title insurance gets dispersed as noted in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on the next steps.
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.
This is a quick run-down of the escrow process. Your specific plan could be different depending on your bank and your escrow agent.
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