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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
  • Whether it's your first place or your next place, I'll help you through the process. Call me at 617-696-1000 x 208.

    The Place is Almost Yours

     Kelley Rege Properties INC. can walk you through closing - 617-696-1000 x 208
    First, a little about "escrow". To finalize the sale of a place, a neutral, third party (the escrow company) is employed to assure the transaction will close perfectly and on time. A house is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties when the exchange of money takes place. An easy way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

    Tying up any loose ends like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the home before your purchase gets finalized are all part of the job of the escrow holder.

    The records the escrow holder may collect include:

    Upon completion of all instructions 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 property and the title insurance gets issued as noted in the escrow instructions.

    When closing is finished, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title research
    • Comply with lender's requirements as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company stays 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
    • Perform a title search
    • Comply with lender's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax 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 finished
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Dispense 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. 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.