(508) 533-6100
(508) 533-6100
Medway,
Massachusetts,
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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 real estate industry jargon prevent you from becoming a homeowner. I can help you work your way through the process.
Contact me and I'll make sure you're a confident buyer.
Completing the Transaction
Let's talk about "escrow". When you're closing on your new home, an escrow company is used to guarantee the transaction will close properly and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.
The escrow agent makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finalized.
These are the legal documents that escrow holders usually look to collect:
You're ready to close when all parts are done in escrow process. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.
When closing is finished, you'll submit a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable way of paying.
The Escrow Holder Will:
- Prepare escrow instructions
- Petition title inquiry
- Meet the bank's guidelines as specified in the escrow agreement
- Receive payments from the buyer
- Prorate insurance, tax, interest and other payments according to guidelines
- Record deeds and other documents as instructed
- Obtain title insurance policy
- Close escrow when all terms of agreement of seller and buyer have been finished
- Disburse monies and finalize instructions
The Escrow Holder Will Not:
- Advise you - the escrow holder must maintain a neutral, third-party status
- Give insight about the outcome of your taxes
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Assemble escrow instructions
- Request title research
- Meet lender's standards as specified in the escrow agreement
- Intake funds from the buyer
- Prorate tax, interest, insurance and other fees according to instructions
- Record deeds and other documents as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer have been finished
- Disburse payments and finalize instructions
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- Tell you what's best - the escrow agent has to remain an impartial, third-party status
- Dispense opinions about tax implications
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Mortgage Escrow Account
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 smarter home buyer and future homeowner.