An escrow is the deposit of a written instrument or something of value with a third person with instructions to deliver it to another when a stated condition is performed or a specified event occurs. The use of an escrow is most common in real estate sales transactions
The main players in an escrow agreement are usually the buyer, the seller, the escrow agent, and sometimes lenders. Think of it as a team effort to ensure a smooth transaction.
During the escrow period, you'll be busy with inspections, paperwork, and maybe a few sleepless nights, but it’s all part of the journey to homeownership. Just hang in there!
The escrow process involves putting your funds into a secure account while the sale is finalized. Once all the paperwork is sorted, the funds are released to the seller, and you get the keys to your new home.
You need an escrow agreement to make sure that both the buyer and seller fulfill their promises. It’s a way to keep everything above board and avoid any nasty surprises.