Clearing the final hurdles like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the house prior to your purchase gets finalized are all parts of closing in which an escrow holder is useful.
The documents the escrow holder may obtain include:
You're ready to close when every step is complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the property is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow policy.
When closing is done, you'll pay the fees to the escrow agent. As your REALTOR, I'll let you know what is an acceptable way of paying.
A Mortgage Escrow Account is started to pay rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a quick run-down of the escrow process. Your specific process could be different based on your lender and your escrow holder.
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