(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 the unknown keep you from becoming a homeowner. I can help you understand the process. Call me at (508) 533-6100 and I'll give all the info you'll need to move forward.
Completing the Transaction
Let's talk about "escrow". When you're closing on your new house, an escrow agent is used to ensure the process will close without problems and in a timely manner. A place is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an Internet auction, PayPal is the neutral third party that obtains the buyer's funds, and then sends the funds to the seller.
The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached in preparation of the sale being finished.
These are the pieces of paperwork that escrow holders usually look to collect:
Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as now current homeowner and related title insurance is issued as outlined in the escrow policy.
When closing is finished, you'll pay the fees to the escrow holder. As your real estate professional, I'll let you know what is an acceptable way of paying.
The Escrow Holder Will:
- Prepare escrow guidelines
- Petition title search
- Meet lender's standards as outlined in the escrow agreement
- Intake funds from the buyer
- Prorate tax, interest, insurance and other fees 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 met
- Disburse monies and finish instructions
The Escrow Holder Will Not:
- Advise you - the escrow holder has to remain an impartial, third-party status
- Dispense opinions about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Assemble escrow guidelines
- Petition title research
- Meet lender's standards as written in the escrow agreement
- Accept funds from the buyer
- Prorate interest, insurance, tax 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 are complete
- Disburse funds and finalize instructions
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- Offer advice - the escrow holder stays at an impartial, third-party status
- Offer opinions about tax implications
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Mortgage Escrow Account
A Mortgage Escrow Account is established to pay on-going 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 better informed home buyer and future homeowner.