Clearing the final hurdles like taking in funds, completing forms, securing the documents for loans and liens, and assuring you get a clear title to the home in preparation of your purchase gets finalized are all part of the job of the escrow company.
Escrow companies want to obtain the following forms:
Closing on the house takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new owner and correct title insurance is issued as noted in the escrow instructions.
The escrow company gets a payment at the completion of closing. I'll keep you up-to-date on the procedure.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Once you're familiar with the escrow process, you can be a informed buyer.
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