(508) 533-6100
(508) 533-6100
Medway,
Massachusetts,
Medway, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in
Medway, buying a house in
Medway, buying a house in
Massachusetts, real estate agent in
Medway, real estate agent in
Medway, real estate agent in
Massachusetts, finding a real estate agent in
Medway, finding a real estate agent in
Medway, finding a real estate agent in
Massachusetts, buying houses, buying homes, selling homes, selling houses,
Betty McCall-Vernaglia, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
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
Whether it's your first property or your next house, I'll educate you through the process. Call me at (508) 533-6100.
Closing the Sale in Medway, Massachusetts
Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your property closes on time and the transaction goes smoothly. A place is said to be in escrow when in the closing transaction, money is held by a third party on behalf of a buyer and a seller when the transaction is taking place. A simple way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.
The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finished.
Escrow companies look for the following forms:
Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.
At the close of escrow, fees are paid in an acceptable form to the escrow. As your REALTOR, I'll inform you of the acceptable way of paying.
The Escrow Holder Will:
- Write escrow instructions
- Petition title research
- Meet lender's requirements as written in the escrow agreement
- Receive funds from the buyer
- Prorate insurance, tax, interest and other payments according to instructions
- Record deeds and other paperwork as instructed
- Obtain title insurance policy
- Close escrow when all instructions of seller and buyer are complete
- Disburse payments and finalize instructions
The Escrow Holder Will Not:
- Tell you what's best - the escrow agent must maintain a neutral, third-party status
- Offer opinions about tax implications
|
The Escrow Holder Will:
|
|
The Escrow Holder Won't:
|
- Prepare escrow instructions
- Petition title inquiry
- Meet lender's requirements as outlined in the escrow agreement
- Intake payments from the buyer
- Prorate insurance, tax, interest and other payments according to guidelines
- Record deeds and other paperwork as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer are complete
- Disburse funds and finalize instructions
|
|
- Offer advice - the escrow holder has to remain an impartial, third-party status
- Offer opinions about tax implications
|
Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you have the rules of the escrow process down, you can be a more assured buyer.