Tying up any loose ends like receiving funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all part of the job of the escrow agent.
These are the legal documents that escrow companies usually look to collect:
Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the property is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.
When closing is finished, you'll make a payment to the escrow agent. I'll keep you informed on the procedure.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well. Once you're familiar with the escrow process, you can be a confident buyer.
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