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Today we are going to talk about a confusing real estate term that describes a number of different things: escrow. We hope you will be better informed and knowledgeable about the subject with our guidance.
When your home goes under contract, an agent will "open escrow". Basically, they are going to take the check from the buyer and deposit it to an intermediate, third-party title company, who will handle all the closing.
The part where it gets confusing is when you work with a lender. A lender will start an "escrow account" where the property taxes and insurance are held and paid for by the lender. This is totally different than the upfront, title portion. At the end of it, you will close escrow, which means that the ownership will now shift from seller to buyer.
If you have any questions about escrow or anything else real estate related, give us a call or send us an email. We would be glad to answer aqny question you may have.
