What is escrow in Boston real estate? If you’re beginning to research Seaport condos for sale in your downtown Boston area, you’ve likely come across this unfamiliar term. In general, escrow means that a neutral third party (bank,lawyer) takes holds the money during a transaction. This can occur at several points during the process of buying and selling Boston real estate. Here’s what you need to understand about the escrow process as a first-time home buyer.

Making the Offer

When shopping for downtown Boston real estate, if  you find a Boston condo for sale in your budget that checks all your boxes, it’s time to make an offer on the property. You’ll need to write a check for earnest money, the first check is usually $1,000 down with the Offer followed up by the P&S money which is 5 -20% off the purchase price. This is a good-faith action to show that you’re serious about the transaction. The earnest money will be held in escrow until the deal closes, which protects both the buyer and the seller.

Obtaining a Mortgage

Another escrow real estate application occurs when you shop for a home loan. Generally, property taxes and homeowner’s insurance are rolled into your monthly mortgage payment. The mortgage company holds these funds in escrow until these payments are due, at which point they remit the money on your behalf.

Completing the Process

At closing, the final paperwork will be signed and deeds exchanged. At this point, an escrow money will disburse the earnest money from escrow to the seller and you will take ownership of the Back Bay or Beacon Hill condo.

Contact us today to learn more about downtown Boston real estate for sale, such as condos for sale in the Seaport District or Midtown luxury high rise condos. We’ll be happy to help you find the perfect home for your needs and lifestyle.

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Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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