Clearing the final hurdles like obtaining funds, completing forms, getting the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all part of the job of the escrow agent.
The certificates the escrow company may collect include:
You're ready to close when every step is complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance is issued per the steps of your particular escrow process.
When closing is in it's last step, you'll pay the fees to the escrow agent. As your real estate agent, I'll let you know what is an acceptable form of payment.
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.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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