Jacob McCrackin
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When you’re buying or selling a home, the term “escrow” is something you’ll likely hear often. But what does it mean, and how does it work? Let’s break it down into easy-to-understand steps, so you can navigate the process with confidence.
In real estate, escrow refers to a neutral third party that holds funds and documents during a transaction. The goal of escrow is to protect both the buyer and the seller by ensuring that the terms of the contract are met before the deal is finalized. Essentially, it’s a way to make sure everyone plays by the rules, and the transaction goes smoothly.
When it’s time to close on the sale of a home, escrow plays a critical role. Here’s how the process works:
After closing, escrow doesn’t just disappear. In fact, for many buyers, escrow continues in the form of an account set up to handle ongoing payments like property taxes and homeowner’s insurance. Here’s how that works:
Escrow helps make the home-buying process less stressful. It ensures that both the buyer and seller meet their obligations, and it provides peace of mind knowing that the transaction is being handled fairly. Plus, for homeowners, the escrow system for taxes and insurance offers a convenient way to avoid the hassle of making large, lump-sum payments.
We can help you navigate title companies and understand the whole process. Whether you’re buying or selling, understanding escrow can help you navigate the transaction with ease. So next time you hear the term “escrow,” you’ll know exactly what it means and how it works to keep everything running smoothly.
Contact us today if you need assistance in getting started and working with title companies!