Escrow, A Term Every Real Estate Enthusiast Should Know Of
Most of those who have been involved in the real estate industry over the years, at one point or another, may have come across the term real estate escrow and you may know what it means but for those new to this, real estate escrow in a whole new term in itself.
Bret Sanya
Escrow, in its simplest terms is a neutral third party that protects the integrity of the transaction. To put this into perspective you may be having a buyer and a seller and you as a real estate you have the obligation of bringing both these parties together and have them under a legally binding contract.
Therefore after developing this contract as the real estate agent you hand this over to an escrow company which ensures that every stipulation within the contract has been met. Once the stipulations agreed upon have been met then the deal is closed.
Apart from making sure the agreed-upon stipulation is met an escrow is also mandated with the responsibility of ensuring that financial matters are in line, financial matters here include things like ensuring the buyer stays up to date with the property payment plans, etc.
In most instances, an escrow usually lasts 45 days and this period enables the buyer to do assessments of the properties just to make sure it is up to the required standards. The buyers during this period hire the services of a home inspector who makes sure that everything is in top shape before moving in.
As a real estate agent, escrow companies are a blessing in disguise this is because they enable you to continue making deals all at the same time having some who ensures that the deals you make all grow through successfully with regards to your contract.
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