Closing the Sale in Needham, Massachusetts
The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being finalized.
The records the escrow agent may secure include:
You're ready to close when every step is finished in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets dispersed as outlined 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 instructions
- Request title inquiry
- Comply with lender's guidelines as outlined in the escrow agreement
- Intake funds from the buyer
- Prorate interest, insurance, tax and other payments according to instructions
- Record deeds and other legal documents as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer have been finished
- Disburse funds and finalize instructions
The Escrow Holder Won't:
- Advise you - the escrow agent stays at an impartial, third-party status
- Give insight about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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Mortgage Escrow Account
A Mortgage Escrow Account is started to make payments for on-going expenses while there is a loan on the 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.