Clearing the final hurdles like obtaining funds, finishing forms, getting the documents for loans and liens, and making sure you get a clean title to the house in preparation of your purchase gets finalized are all part of the job of the escrow holder.
The records the escrow company may obtain include:
Upon completion of all portions 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 obtain the title to the property and the title insurance gets issued as stated in the escrow instructions.
The escrow company receives a payment at the completion of closing. As your REALTOR, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is established to make payments for recurring 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.
This is a simple outline of the escrow process. Your individual methods will vary depending on your lender and your escrow agent.
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