Settling the last details like receiving funds, signing forms, getting the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all part of the job of the escrow agent.
These are the legal forms that escrow companies usually compile:
Closing on the property takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the house and the title insurance gets issued as noted in the escrow instructions.
When closing is finished, you'll make a payment to the escrow agent. You'll know when it's time to submit the form of payment.
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
This is a quick run-down of the escrow process. Your individual process will be unique based on your lender and your escrow company.
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