Real Estate Word of the Day: Escrow
Posted by Tom Crimmins Realty on
Real Estate Word of the Day: Escrow
Escrow is a financial arrangement where a neutral third party holds and manages funds, documents, and other assets during a real estate transaction. It acts as a safeguard for all parties involved by ensuring that each party fulfills their obligations and commitments before the transaction is finalized.
The Escrow Process in Real Estate
Once you've found the perfect property and made an offer that the seller accepts, the escrow process begins. At this point, a neutral third-party escrow agent is typically selected to handle the transaction. As a buyer, you'll be required to provide an earnest money deposit to demonstrate your seriousness and commitment to the purchase. This money is held in escrow until the…
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