The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes getting funds and certificates, finishing required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your house before the purchase price is fully paid.
Attorneys want to obtain the following records:
Closing on the home happens when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. You'll then get the title to the property and the title insurance gets dispersed as stated in the escrow instructions.
The attorney gets a payment at the completion of closing. I'll keep you informed on the next steps.
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.
Once you're at ease with the escrow process, you can be a informed buyer.
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