What is Escrow and How Does the Process Work?
Posted by PreReal™ Prendamano Real Estate on
What does it mean to “be in escrow?”
We hear buyer and sellers often use this phrase and in context, we know that this means the process of buying/selling a home is almost done, but what does it really mean?
In real estate, escrow companies are non-interested third parties that hold funds from both parties until all agreements of a contract have been fully executed. Ever wonder how a seller actually gets paid when selling their real property? Escrow! Financers of the purchase of real estate, whether it’s a lender or cash purchaser, deposit that money into an escrow account where the money is securely held from both parties until the transaction is complete. So, the buyer hands the money to Escrow, who keeps it safe, until both parties have…
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