You have finally located the ideal home. You're prepared to make an offer because the property meets all of your requirements. The vendor accepts, and escrow is opened. Then, however, something goes awry. The loan is denied, the inspection reveals concealed damage, or the sellers withdraw. Suddenly, you no longer own your ideal home. However, why do properties slide out of escrow? Let's examine some of the...
When purchasing a property, it is important to protect your investment. Thus, escrow enters into play. In a real estate transaction, the escrow agent is a neutral third party who retains and protects the deposit funds until all sale conditions have been satisfied. Here is how escrow safeguards real estate purchasers. Your Deposit Is Safeguarded Escrow plays a crucial role in protecting buyers by...
State governments license and regulate escrow agents. Escrow agents are subjected to an annual audit by a qualified public accountant and must abide by a strict code of conduct. During this audit work, the escrow holder is required to account for every penny received or disbursed. In most states, they must also undergo a criminal background check. In addition, the majority of states mandate that escrow...
If you are in the process of purchasing a home, you have likely heard the term "escrow" frequently. But what does it precisely mean? Escrow is, in brief, a holding period during which essential documents pertaining to real estate transactions are exchanged. Here is all the information you need about escrow, including its purpose and operation. Why is Escrow in Existence? Escrow protects both buyers...