Tying up any loose ends like obtaining funds, signing forms, securing the documents for loans and liens, and making sure you get a clear title to the property before your purchase gets finalized are all part of the job of the escrow company.
These are the legal forms that escrow holders usually look for:
You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets dispersed as noted in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the 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.
This is a quick run-down of the escrow process. Your individual methods will be unique depending on your lender and your escrow agent.
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