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
  • Whether it's your first house or your next house, I'll walk you through the process. E-mail me at Louis@LouisWolfson.com to get some free information.

    What is Escrow?

     Louis Wolfson & Co. can walk you through closing - (617) 799-3326
    Let's talk about "escrow". To close the sale of a property, a neutral, third party (the escrow agent) is employed to assure the process will close properly and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online purchase, PayPal is the secure third party that obtains the buyer's payment, and then sends the money to the seller.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being completed. This includes getting monies and paperwork, completing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your house before the asking price is fully paid.

    Escrow agents collect the following records:

    Upon finishing of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets transferred to you and title insurance begins per the steps of your individual escrow process.

    When closing is finished, you'll pay the fees to the escrow holder. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title search
    • Comply with lender's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions
    • Offer advice - the escrow company stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about being in escrow. And, you can be a more informed 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