Purchasing real estate for the first time can be overwhelming. Let me help you. E-mail me at BettyMcV@BettyMcV.com .

I'll Champion for You Through Closing

 Betty McCall-Vernaglia can walk you through closing - (508) 533-6100
First, a little about "escrow". An escrow company is used to assure your house closes on time and the closing process goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.

These are the records that escrow agents usually look to collect:

  • Loan documents
  • 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

Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the house and the title insurance gets dispersed as noted in the escrow instructions.

When closing is completely finished, you'll submit a payment to the escrow company. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title search
  • Comply with lender's standards as specified in the escrow agreement
  • Accept 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 funds and finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder must maintain a neutral, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Meet the bank's guidelines as noted in the escrow agreement
  • Receive funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • 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 payments and finalize instructions
  • Advise you - the escrow company must stay at a fair, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you're familiar with the escrow process, you can be a informed buyer.

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