Settling the last details like obtaining funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the house before your purchase gets finalized are all part of the job of the escrow company.
The documents the escrow company may secure include:
Upon finishing of all instructions of the escrow, closing can take place. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new homeowner and correct title insurance is issued as noted in the escrow policy.
The escrow holder gets a payment when the closing is complete. I'll keep you up-to-date on the procedure.
A Mortgage Escrow Account is used to make payments for 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.
This is a simple outline of the escrow process. Your individual methods could be different based on your bank and your escrow agent.
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