Settling the last details like taking in funds, completing forms, securing the documents for loans and liens, and making sure you get a clean title to the property prior to your purchase gets finalized are all part of the job of the escrow agent.
The pieces of paperwork the escrow agent may secure include:
Upon completion 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. You'll then secure the title to the home and the title insurance gets issued as noted in the escrow instructions.
The escrow holder gets a payment when the closing is complete. As your REALTOR, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is started to pay on-going expenses 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.
Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.
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