Settling the last details like receiving funds, completing forms, securing the documents for loans and liens, and assuring you get a clean title to the property in preparation of your purchase gets finalized are all part of the job of the escrow agent.
The records the escrow company may obtain include:
Closing on the property happens when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then get the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.
When closing is in it's last step, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you're familiar with the escrow process, you can be a better buyer.
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