Settling the last details like taking in funds, finishing forms, securing the documents for loans and liens, and assuring you get a spotless title to the house before your purchase gets finalized are all parts of closing in which an escrow agent is useful.
Escrow companies collect the following documents:
Closing on the home takes place when all of the procedures 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 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. I'll keep you updated on what comes next.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.
Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.
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