Home Our Featured Homes Appraisals Results for You! News Contact Us
(617) 799-3326 (617) 799-3326 Needham, Massachusetts, Needham, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Needham, buying a house in Needham, buying a house in Massachusetts, real estate agent in Needham, real estate agent in Needham, real estate agent in Massachusetts, finding a real estate agent in Needham, finding a real estate agent in Needham, finding a real estate agent in Massachusetts, buying houses, buying homes, selling homes, selling houses, Louis Wolfson & Co., things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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
  • Don't let the unknown keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at Louis@LouisWolfson.com .

    Closing the Sale in Needham, Massachusetts

     Louis Wolfson & Co. can walk you through closing - (617) 799-3326
    Escrow: An escrow holder is used to assure your property closes on time and the closing process goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being finalized.

    The records the escrow agent may secure include:

    You're ready to close when every step is finished in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title inquiry
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Comply with lender's standards as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for on-going expenses while there is a loan on the house. 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.

    Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

    Got a Question?

    Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

    Your Information
    Your Question