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

Escrow 101

 Louis Wolfson & Co. can walk you through closing - (617) 799-3326
Escrow: When you're closing on your new property, an escrow company is used to guarantee the transaction will close without problems and in a specific time frame. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finished. This includes receiving monies and certificates, completing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your home before the purchase price is fully paid.

Escrow companies want to obtain the following records:

  • 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
  • Tax statements

Closing on the house happens when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title gets handed over to you and title insurance begins per the policies of your particular escrow agreement.

When closing is done, you'll make a payment to the escrow holder. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title research
  • Meet lender's requirements as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title inquiry
  • Meet lender's requirements as noted in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finish instructions
  • Advise you - the escrow company stays a neutral, 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. 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.

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Louis Wolfson & Co.

29 Cimino Road
Needham, MA 02494