Settling the last details like receiving funds, signing forms, getting the documents for loans and liens, and assuring you get a clean title to the property before your purchase gets finalized are all part of the job of the escrow company.
The records the escrow holder may collect include:
Closing on the house happens when all of the procedures of the escrow are complete. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to you as now current homeowner and correct title insurance is issued as outlined in the escrow instructions.
When closing is in it's last step, you'll pay the fees to the escrow holder. 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. 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 have the ABCs of the escrow process down, you can be a more assured buyer.
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