Tying up any loose ends like obtaining funds, completing forms, securing the documents for loans and liens, and assuring you get a clear title to the property in preparation of your purchase gets finalized are all part of the job of the escrow holder.
The pieces of paperwork the escrow holder may obtain include:
Closing on the home takes place when the steps of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow instructions.
The escrow company gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.
A Mortgage Escrow Account is used to pay recurring expenses while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a easy to understand guide about the escrow process. Your particular process will vary based on your lender and your escrow holder.
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