Settling the last details like receiving funds, completing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.
The certificates the escrow agent may obtain include:
Closing on the house happens when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the home is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.
The escrow agent gets a payment at the completion of closing. I'll keep you updated on what comes next.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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 particular plan might be unique depending on your bank and your escrow company.
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