Tying up any loose ends like taking in funds, signing forms, securing the documents for loans and liens, and assuring you get a clear title to the house prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.
The documents the escrow holder may obtain include:
You're ready to close when every step is finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the steps of your particular escrow agreement.
The escrow company receives a payment when the closing is complete. I'll keep you informed on the procedure.
A Mortgage Escrow Account is used to pay recurring expenses while there is a loan on the 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.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.