Tying up any loose ends like taking in funds, finishing forms, getting the documents for loans and liens, and assuring you get a clear title to the house prior to your purchase gets finalized are all part of the job of the escrow company.
These are the documents that escrow agents usually compile:
Upon finishing of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets issued 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.
A Mortgage Escrow Account is established to make payments for on-going expenses while there is a loan on the house. 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 specific plan might vary depending on your lender and your escrow holder.
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