Clearing the final hurdles like receiving funds, completing forms, getting the documents for loans and liens, and assuring you get a clean title to the property in preparation of your purchase gets finalized are all part of the job of the escrow holder.
The certificates the escrow agent may collect include:
You're ready to close when each step of the finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance is issued per the policies of your individual escrow agreement.
The escrow agent gets a payment at the completion of closing. As your agent, I'll let you know what is an acceptable form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.
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