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
Typically, escrow can take anywhere from 30 to 60 days. Think of it as a marathon, not a sprint – it’s about getting to the finish line safely!
If trouble pops up, the escrow company steps in to mediate, helping find a solution that satisfies both parties, rather like a good referee in a sticky situation.
Yes, you can pick your own escrow company. It’s like choosing a custom suit – you want it to fit just right and meet your needs!
Using escrow is like having a referee in a game. It protects both the buyer and seller by making sure everyone plays by the rules and that the deal is fair.
The escrow process is a step-by-step journey. Once a buyer and seller agree on the terms, the escrow company takes over, handling documents, funds, and ensuring everything goes smoothly until closing.