Settling the last details like obtaining funds, signing forms, securing the documents for loans and liens, and making sure you get a clean title to the property before your purchase gets finalized are all parts of closing in which an escrow company is useful.
Escrow companies compile the following pieces of paperwork:
Closing on the house takes place when the steps of the escrow are done. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets transferred to you and title insurance begins per the steps of your individual escrow process.
When closing is in it's last step, you'll make a payment to the escrow company. I'll keep you up-to-date on the next steps.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
This is a simple outline of the escrow process. Your individual plan could be unique depending on your lender and your escrow agent.
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