Tying up any loose ends like obtaining funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow holder.
These are the records that escrow companies usually look to collect:
You're ready to close when all steps are done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the home is then given to you as new homeowner and correct title insurance is issued as outlined in the escrow policy.
The escrow holder gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a quick run-down of the escrow process. Your specific process could be unique depending on your bank and your escrow company.
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