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The word "escrow" is thrown around a lot in real estate, but it doesn't always refer to the same thing. Today, we want to give you different examples of where this word is used so you can be better informed.
The 1st time you hear the word escrow is probably when you are a buyer. When you write a purchase agreement, you are going to also write an earnest deposit, which shows your good faith in purchasing the home. The deposit is then put into an escrow account, a 3rd party that's going to hold the money until the day of closing.
The 2nd time you will probably hear the word escrow is when working with your loan officer. You will have to "escrow" about 7 months of property taxes and 1 year of homeowner's insurance. This money will be held in your mortgage company's escrow account.
The last time you will hear it is with the title company and "closing of the escrow". This is where the title company transfers ownership
If you have any questions about escrow, or about real estate in general, give us a call. We'd love to answer them for you.
