Settling the last details like obtaining funds, finishing forms, securing the documents for loans and liens, and assuring you get a clear title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.
The certificates the escrow company may secure include:
Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The house's title gets handed over to you and title insurance begins per the policies of your particular escrow agreement.
When closing is finished, you'll make a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable 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.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.
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