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  • 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
  • Purchasing a home for the first time can be overwhelming. I can help. E-mail me at Louis@LouisWolfson.com to get some free information.

    Steps to Closing on a House

     Louis Wolfson & Co. can walk you through closing - (617) 799-3326
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your place closes on time and the transaction goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

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

    Escrow holders want to acquire the following documents:

    Closing on the home takes place when all of the procedures of the escrow are finished. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets dispersed as noted in the escrow instructions.

    When closing is done, you'll make a payment to the escrow company. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest 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 have been finished
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title research
    • Comply with lender's requirements as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Give insight about tax implications

    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 simple outline of the escrow process. Your particular methods might be unique based on your lender and your escrow agent.

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