Once a buyer in the market for a home decides on a particular property, a seller accepts that buyer’s bid, and all those involved settle on a contract. The escrow serves an important function in facilitating final transactions.
Understanding the Role of Escrow in Purchasing a Home By Todd Beardsley Once a buyer in the market for a home decides on a particular property, a seller accepts that buyer’s bid, and all those involved settle on a contract. The escrow serves an important function in facilitating final transactions. An escrow is nothing more than an account in which buyers and sellers deposit funds and important documents pertaining to the home purchase. This includes the down payment and money provided by lenders. An escrow officer oversees the account based on instructions derived from the home purchase agreement and requirements put forth by any involved financing institutions. Escrow ends after parties have satisfied all the requirements and filled out all necessary escrow paperwork. A few notable aspects of the final transactions are not affiliated with the escrow process, including such matters as extra materials like fixtures involved in the purchase. Additionally, the financing process occurs outside of escrow and is the sole provenance of the buyer in coordination with loan establishments. Todd Beardsley holds years of experience guiding clients through real estate buying and selling, including escrow and non-escrow matters. Mr. Beardsley currently provides real estate solutions with Menlo Atherton Realty. Learn more about his services at www.menloathertonrealty.com
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