Buying Your Next Place: Closing
Clearing the final hurdles like taking in funds, completing forms, obtaining the documents for loans and liens, and making sure you a spotless title to the property before your purchase gets finalized are all part of the job of the escrow holder.
Whether it's your first home or your next house, we'll advise you through the process. Contact us.
Closing on the property takes place when all of the procedures of the escrow are done. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title goes to to you and title insurance begins per the policies of your individual escrow agreement.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.
Mortgage Escrow Account
A Mortgage Escrow Account is used to pay on-going fees while there is a loan on the house. 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 being in escrow. And, you can be a better informed home buyer and future homeowner.
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