Don't let the unknown scare 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

 Louis Wolfson & Co. can walk you through closing - (617) 799-3326
First, a little about "escrow". An escrow agent is brought on to assure your home 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. A simple way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

Settling the last details like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the property prior to your purchase gets finalized are all part of the job of the escrow agent.

Escrow companies want to acquire the following legal documents:

  • 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
  • Fire and other insurance policies
  • Title insurance policies

Closing on the home takes place when all of the procedures of the escrow are done. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new homeowner and correct title insurance is issued as noted in the escrow policy.

The escrow company receives a payment when the closing is complete. As your real estate agent, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Request title research
  • Meet lender's standards as outlined in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments 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 are complete
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Give advice - the escrow agent must stay at a fair, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title inquiry
  • Meet the bank's standards as written in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • 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 funds and finalize instructions
  • Tell you what's best - the escrow holder stays at an impartial, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay on-going expenses while there is a loan on the 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 depending on your bank and your escrow agent.

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Louis Wolfson & Co.

29 Cimino Road
Needham, MA 02494