Tying up any loose ends like receiving funds, signing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the home before your purchase gets finalized are all part of the job of the escrow agent.
Escrow agents want to acquire the following records:
Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.
The escrow agent receives a payment when the closing is complete. As your agent, I'll let you know what is an acceptable 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 methods could be slightly different depending on your bank and your escrow agent.
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