Clearing the final hurdles like taking in funds, signing forms, getting the documents for loans and liens, and assuring you get a spotless title to the house before your purchase gets finalized are all part of the job of the escrow holder.
These are the records that escrow holders usually look for:
You're ready to close when all parts are finished in escrow process. 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 get the title to the property and the title insurance gets dispersed as stated in the escrow instructions.
The escrow agent gets a payment at the completion of closing. As your REALTOR, I'll inform you of the acceptable way of paying.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the ABCs of the escrow process down, you can be a informed buyer.
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