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  • 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
  • Don't let the unknown keep you from becoming a homeowner. I can help you understand the process. Call me at (617) 799-3326 and I'll give all the info you'll need to move forward.

    Steps to Closing on a Property

     Louis Wolfson & Co. can walk you through closing - (617) 799-3326
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your house closes on time and the transaction goes smoothly. 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 Internet purchase, PayPal is the neutral third party that holds the buyer's payment, and then hands over the money to the seller.

    Settling the last details like obtaining funds, finishing forms, securing the documents for loans and liens, and making sure you get a clean title to the house prior to your purchase gets finalized are all parts of closing in which an escrow company is useful.

    These are the legal documents that escrow agents usually compile:

    Closing on the house happens when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title is given to you and title insurance is issued per the steps of your particular escrow agreement.

    At the close of escrow, payment of funds shall be made 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 research
    • Meet lender's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 funds and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title search
    • Meet lender's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.

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