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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
  • Buying property for the first time can be confusing. I can help. Call me at 617-696-1000 x 208 and I'll give you more information.

    Completing the Transaction

     Kelley Rege Properties INC. can walk you through closing - 617-696-1000 x 208
    Escrow: An escrow agent is hired to assure your home closes on time and the closing process goes smoothly. A place is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties when the exchange of money takes place. For example, in an online purchase, PayPal is the reliable third party that holds the buyer's money, and then hands over the money to the seller.

    Tying up any loose ends like obtaining funds, finishing forms, securing the documents for loans and liens, and assuring you get a clear title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    These are the legal documents that escrow companies usually look to collect:

    Closing on the home happens when all of the procedures of the escrow are finished. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

    The escrow company receives a payment when the closing is complete. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title search
    • Comply with the bank's requirements as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.