Settling the last details like obtaining funds, signing forms, obtaining 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 certificates the escrow agent may secure include:
You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title is given to you and title insurance begins per the steps of your individual escrow agreement.
When closing is completed, you'll submit a payment to the escrow company. As your agent, I'll let you know what is an acceptable way of paying.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a easy to understand guide about the escrow process. Your individual methods might be unique based on your lender and your escrow holder.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.