Tying up any loose ends like receiving funds, signing forms, getting the documents for loans and liens, and making sure you get a clear title to the property prior to your purchase gets finalized are all part of the job of the escrow holder.
These are the legal forms that escrow companies usually look for:
Upon completion of all portions of the escrow, closing can take place. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is used to pay on-going expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the ABCs of the escrow process down, you can be a confident buyer.
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