Tying up any loose ends like receiving funds, completing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.
Escrow companies want to acquire the following legal documents:
Closing on the house happens when all of the procedures of the escrow are finished. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets issued as outlined in the escrow instructions.
The escrow agent receives a payment at the completion of closing. As your real estate professional, I'll inform you of the acceptable form of payment.
A Mortgage Escrow Account is started to pay recurring fees 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.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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