The escrow holder makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being completed.
You're ready to close when every step is finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title goes to you and title insurance begins per the steps of your particular escrow process.
At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the next steps.
Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.
Once you have the basics of the escrow process down, you can be a more assured buyer.