Clearing the final hurdles like taking in funds, completing forms, obtaining 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 parts of closing in which an escrow company is useful.
The documents the escrow holder may collect include:
Closing on the property happens when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The property's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.
The escrow agent receives a payment when the closing is complete. As your REALTOR, I'll let you know what is an acceptable form of payment.
A Mortgage Escrow Account is used to pay on-going expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the ABCs of the escrow process down, you can be a informed buyer.
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