Settling the last details like taking in funds, completing forms, obtaining 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 parts of closing in which an escrow holder is useful.
Escrow agents compile the following pieces of paperwork:
Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.
The escrow agent receives a payment at the completion of closing. As your agent, I'll let you know what is an acceptable way of paying.
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.
Once you're familiar with the escrow process, you can be a more assured buyer.
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