Clearing the final hurdles like receiving funds, completing forms, securing the documents for loans and liens, and assuring you get a spotless title to the home in preparation of your purchase gets finalized are all part of the job of the escrow agent.
The certificates the escrow holder may secure include:
Closing on the house happens when the steps of the escrow are finished. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.
When closing is completely finished, you'll submit a payment to the escrow holder. As your REALTOR, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a easy to understand guide about the escrow process. Your specific process could be different based on your bank and your escrow holder.
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