Settling the last details like receiving funds, finishing forms, getting the documents for loans and liens, and making sure 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 records the escrow company may secure include:
Closing on the house happens when all of the procedures of the escrow are done. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.
At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Once you have the basics of the escrow process down, you can be a informed buyer.
Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.