One word you may hear used plenty leading up to your closing is the term “escrow.” It’s a very important word for everyone around the settlement table, but what does it refer to exactly?
We’re glad you asked. Often in real estate, the term “escrow” will be used in conjunction or in place of “closing” and “settlement.”
An escrow is an arrangement, in which a neutral third party (like us) keeps the legal documents and funds involved in your transaction for everyone involved. The funds are distributed, and the documents recorded only in accordance with the written instructions agreed upon to execute the transaction
That’s a fancy way to say that your escrow holder is the protector of your transaction and works to ensure that everything goes smoothly and according to plan. You need an escrow/closing agent who can both follow directions and take the lead to solve problems for you along the way.
For more information on escrow and everything else closing, visit our website, go to www.homeclosing101.org or call your local office today!