Clearing the final hurdles like taking in funds, completing forms, securing the documents for loans and liens, and making sure you get a clear title to the house in preparation of your purchase gets finalized are all part of the job of the escrow company.
The pieces of paperwork the escrow holder may collect include:
Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the property is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow policy.
The escrow holder gets a payment at the completion of closing. I'll keep you up-to-date on the next steps.
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.
Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.
Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.