Clearing the final hurdles like taking in funds, signing forms, securing the documents for loans and liens, and assuring you get a clean title to the house prior to your purchase gets finalized are all part of the job of the escrow agent.
Escrow companies look for the following pieces of paperwork:
Upon completion of all instructions of the escrow, closing can take place. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
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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