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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
  • Whether it's your first place or your next place, I'll walk you through the process. Contact me.

    Closing the Sale in Needham, Massachusetts

     Louis Wolfson & Co. can walk you through closing - (617) 799-3326
    Escrow: When you're closing on your new home, an escrow holder is used to make sure the transaction will close without problems and in a specific time frame. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand what an escrow company does is to think of how you might use PayPal for online purchases.

    Settling the last details like obtaining funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the property before your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The certificates the escrow holder may obtain include:

    Closing on the house takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then receive the title to the property and the title insurance gets issued as agreed upon 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 guidelines
    • Perform a title search
    • Comply with lender's requirements as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title search
    • Comply with lender's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow agent has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a quick run-down of the escrow process. Your individual plan could be slightly different depending on your lender and your escrow company.

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