Settling the last details like taking in funds, finishing forms, securing the documents for loans and liens, and making sure you get a spotless title to the home before your purchase gets finalized are all part of the job of the escrow agent.
These are the documents that escrow agents usually look for:
Closing on the home happens when the steps of the escrow are done. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets transferred to you and title insurance is issued per the steps of your individual escrow agreement.
When closing is in it's last step, you'll make a payment to the escrow company. As your real estate agent, I'll let you know what is an acceptable way of paying.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
This is a simple outline of the escrow process. Your particular process could be unique based on your lender and your escrow agent.
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