Guide to Escrow
Escrow? What is escrow? Who is escrow and why do I need it! These are typical responses to what escrow is. Escrow essentially is a non bias third party that holds on to documents, money, or paperwork until a desired condition is fulfilled. The best scenario for this is an escrow to buy a house. The terms or conditions are defined by a purchase agreement and it is initiated by the earnest money deposit to open escrow. An escrow can be as long as the terms in the contract are defined. Typical real estate escrows are for 30-45 days start to recording. Escrows are required on all purchase and refinances.
Call me to find out more information and the day-to-day details for a real estate transaction.
“Having and understanding of the 'why' will help having an understanding of the 'how'.”