Whether it's your first house or your next house, I'll walk you through the process. Call me at (617) 799-3326 and I'll give help you obtain the place you want.

I'll Champion for You Through Closing

 Louis Wolfson & Co. can walk you through closing - (617) 799-3326
First, a little about "escrow". When you're closing on your new house, an escrow holder is used to assure the process will close properly and in a specific time frame. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good example of an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being finalized.

These are the legal documents that escrow holders usually look to collect:

  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents

Closing on the home takes place when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The house's title goes to you and title insurance begins per the policies of your particular escrow process.

The escrow company gets a payment at the completion of closing. As your real estate agent, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title inquiry
  • Meet lender's guidelines as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finish instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow company stays a neutral, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Perform a title inquiry
  • Meet lender's standards as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse monies and finish instructions
  • Give advice - the escrow agent stays at an impartial, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a easy to understand guide about the escrow process. Your specific plan might vary based on your lender and your escrow company.

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Louis Wolfson & Co.

29 Cimino Road
Needham, MA 02494