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Escrow is a way of keeping an amount of money safe while a legal transaction is going on. It's like having someone that both you and the buyer both trust hold on to payment for merchandise or services while the actual changing of hands takes place; in this case, the trustworthy helper is an account held by a broker. Escrow helps reduce the likelihood that either of the parties involved in the transaction will get scammed.
Generally, one of the first things that happens when the sale is in the escrow period is that the house is subject to an inspection. This practice ensures that the buyer is aware of any defects that would change their offering price, the conditions of the contract, or their desire to purchase the property.
In home sales, there are often contingencies, or specific conditions that must be met before the exchange of funds can be released to the seller. It may be the removal of undesirable items from the property, the completion of a satisfactory house inspection, or even a repair. Having the payment held in escrow until all the contingencies are met helps ensure that the transaction is mutually agreeable.
The escrow or title company hold the funds from the sale and the title to the property until such time that the contingencies are deemed to have been successfully dealt with, at which point the parties close the sale. The company then releases the title to the property to the buyer and the funds to the seller. The buyer and seller do not need to attend the closing of the sale together, which is more convenient for both parties.
Escrow is a safe and convenient way to avoid problems with the exchange of property title and funds, making your home purchasing or selling experience smooth and hassle free.
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