Settling the last details like taking in funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.
These are the records that escrow companies usually look for:
You're ready to close when each step of the finished in escrow process. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow instructions.
When closing is done, you'll submit a payment to the escrow holder. I'll keep you up-to-date on the next steps.
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 more informed home buyer and future homeowner.
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