Clearing the final hurdles like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the house before your purchase gets finalized are all part of the job of the escrow agent.
Escrow holders look for the following records:
Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The home's title gets handed over to you and title insurance begins per the steps of your individual escrow process.
At the close of escrow, payments of funds are made 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a quick run-down of the escrow process. Your specific process will be unique depending on your lender and your escrow holder.
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