Tying up any loose ends like taking in funds, signing forms, getting the documents for loans and liens, and assuring you get a clean title to the house in preparation of your purchase gets finalized are all part of the job of the escrow holder.
These are the records that escrow holders usually look for:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as now current homeowner and appropriate title insurance is issued as noted in the escrow instructions.
When closing is finished, you'll pay the fees to the escrow company. 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 easy to understand guide about the escrow process. Your particular plan might be different depending on your lender and your escrow company.
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.