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

Completing the Transaction

 Louis Wolfson & Co. can walk you through closing - (617) 799-3326
Let's talk about "escrow". When you're closing on your new house, an escrow company is used to ensure the transaction will close correctly and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

Tying up any loose ends like taking in funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

The documents the escrow agent may obtain include:

  • 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
  • Terms of sale and any seller-assisted financing

You're ready to close when all steps are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the property is then transferred to you as new owner and related title insurance is issued as noted in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you updated on the next steps.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title research
  • Comply with 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
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse funds and finalize instructions

The Escrow Holder Will Not:

  • Give advice - the escrow company must stay at a fair, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Request title search
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse monies and finish instructions
  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a quick run-down of the escrow process. Your particular process could vary based on your lender and your escrow holder.

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
By checking the box, you agree that Louis Wolfson & Co. may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

Louis Wolfson & Co.

29 Cimino Road
Needham, MA 02494