Settling the last details like taking in funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the property in preparation of your purchase gets finalized are all part of the job of the escrow company.
The certificates the escrow holder may collect include:
Closing on the home takes place when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The property's title goes to you and title insurance begins per the steps of your individual escrow agreement.
The escrow company gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
This is a quick run-down of the escrow process. Your particular plan could be unique depending on your bank and your escrow agent.
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