Settling the last details like obtaining funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the home before your purchase gets finalized are all part of the job of the escrow agent.
The records the escrow agent may collect include:
You're ready to close when all steps are done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The home's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.
At the close of escrow, in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the rules of the escrow process down, you can be a informed buyer.
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