Clearing the final hurdles like receiving funds, signing forms, securing the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.
Escrow companies want to acquire the following pieces of paperwork:
Closing on the house happens when all of the procedures of the escrow are complete. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.
The escrow holder gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 how to close on your future home. And, you can be a smarter home buyer and future homeowner.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.