Steps to Closing on a House
The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being finished.
Closing on the property takes place when the steps of the escrow are done. All expenses, such as title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as stated in the escrow instructions.
When closing is completely finished, you'll submit a payment to the escrow holder. I'll keep you up-to-date on the through the procedure.
Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of ongoing expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes ongoing contributions through their monthly mortgage payment.
This is a easy to understand guide about the escrow process. Your particular plan will be different depending on your lender and your escrow agent.