Settling the last details like taking in funds, completing forms, getting the documents for loans and liens, and making sure you get a clear title to the home in preparation of your purchase gets finalized are all part of the job of the escrow agent.
Escrow companies want to obtain the following pieces of paperwork:
Closing on the home happens when all of the procedures of the escrow are done. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as new owner and related title insurance is issued as outlined in the escrow policy.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. 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. 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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