SREG Blog - What is Escrow?
A Term You're Guaranteed to Run Into in Real Estate!
If you're buying or selling a home, you'll probably hear the term "Escrow." But what exactly is it?
Escrow is the process where a neutral third party helps manage the money, documents, and important steps involved in a real estate transaction.
Once the buyer and seller agree on the terms and open escrow, the escrow company helps coordinate things like the buyer's deposit, loan documents, title work, inspections, and closing requirements.
The escrow company also makes sure that the conditions of the purchase agreement are satisfied before the transaction is completed.
For buyers, escrow helps ensure that the money and paperwork are handled properly. For sellers, it helps ensure that the sale proceeds are distributed according to the agreed terms.
One thing to remember: opening escrow doesn't mean the sale is complete. There are still important steps before ownership officially transfers.
At Silva Real Estate Group, we believe understanding the process helps make buying or selling a home a smoother experience.
I'm Robert Silva. Thanks for watching!
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