Whether it's your first property or your next house, I'll advise 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 property, an escrow holder is used to insure the process will close appropriately and in a timely manner. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the reliable third party that obtains the buyer's cash, and then disburses the funds to the seller.

The escrow company insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes receiving payments and documents, completing required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your property before the asking price is fully paid.

These are the legal forms that escrow agents usually look for:

  • 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
  • Fire and other insurance policies

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance begins per the policies of your individual escrow process.

The escrow company receives a payment at the completion of closing. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title research
  • Comply with the bank's standards as written in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • 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 monies and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow agent stays at an impartial, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Perform a title search
  • Meet lender'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
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow holder must stay at a fair, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for recurring fees 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 being in escrow. And, you can be a smarter 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

Louis Wolfson & Co.

29 Cimino Road
Needham, MA 02494