What is Escrow in Real Estate?

Опубликовано: 16 Июнь 2021
на канале: Real-ativity - Florida Real Estate

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What is Escrow in Real Estate?

Escrow. Escrow is a legal arrangement in which a third party holds funds until conditions of a contract are met. When purchasing property, buyers are required to deposit earnest money into an escrow account to prove their intent to purchase.
Resources and links:
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Resources and links:
Making an offer on a home
◾https://www.real-ativity.com/making-a...
SMARTS
◾https://www.real-ativity.com/smarts/
Buyers Guide
◾ https://howtobuyahouseinflorida.real-...
Buying a Home | Real-ativity.com
◾   • Buying a Home | Real-ativity.com
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Escrow provides a safety net because the title company or real estate attorney that is holding escrow has a fiduciary duty to both the buyer and the seller, and can only distribute funds in accordance with the terms laid out in the contract. If the buyer fails to perform their obligations under the contract, the seller can claim the deposit. If the transaction goes as planned, your initial deposit will be held in escrow until closing, at which point the funds will be applied to your down payment. And, a word of caution, due to an influx of check fraud, most escrow agents will only accept wire transfers. When receiving wire instructions from the escrow agent via email, always call the escrow agent to confirm the instructions so you are sure you don't become a victim of an email scam. If you'd like any more clarification on the home buying process, visit the smarts tab at Realtivity.com, the site for intelligent real estate.

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