Tying up any loose ends like taking in funds, signing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the property before your purchase gets finalized are all parts of closing in which an escrow agent is useful.
The records the escrow company may obtain include:
You're ready to close when all parts are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as now current homeowner and correct title insurance is issued as noted in the escrow instructions.
The escrow company gets a payment when the closing is complete. I'll keep you informed on what comes next.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the ABCs of the escrow process down, you can be a better buyer.
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.