Tying up any loose ends like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.
These are the pieces of paperwork that escrow holders usually look to collect:
Closing on the property happens when the steps of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the property is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.
When closing is completely finished, you'll pay the fees to the escrow agent. I'll keep you up-to-date on what comes next.
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 process could vary based on your bank and your escrow holder.
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