Tying up any loose ends like taking in funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.
The records the escrow agent may secure include:
Closing on the property takes place when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the property is then given to you as new homeowner and correct title insurance is issued as noted in the escrow instructions.
The escrow company receives a payment at the completion of closing. I'll keep you updated on the procedure.
A Mortgage Escrow Account is used to pay on-going 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.
Once you're comfortable with the escrow process, you can be a more assured buyer.
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