Tying up any loose ends like receiving funds, completing forms, getting the documents for loans and liens, and making sure you get a clear title to the property before your purchase gets finalized are all parts of closing in which an escrow holder is useful.
The records the escrow holder may obtain include:
Closing on the house happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The home's title goes to you and title insurance begins per the steps of your individual escrow agreement.
The escrow agent receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 particular process may be different depending on your lender and your escrow holder.
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