Definition of an Escrow

Escrow is defined as money, a title deed, property, or a bond placed into the custody of a third party on your behalf to be delivered to the parties of a contract once all conditions are fulfilled.

What does that really mean?

A real estate escrow involves a professional acting as a neutral third party holding the buyer’s funds until the seller delivers a title deed of the property for the buyer.

There is a real estate purchase contract you will sign along with the seller.  This contract will spell out all the conditions in order to transfer the property’s title from the seller to you (the buyer).

The escrow agent receives the deed from the seller, makes sure that all other conditions in the contracts are completed, and then records the title deed with the appropriate government recording office (usually either a city or county agency) and then gives the seller your funds to complete the contract.

Read this other post we did on: How To Open Escrow

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