What is Escrow?

When you buy a home, your lender or real estate agent will probably use the term escrow to describe different functions of that process. Escrows can be found throughout any stages until closing on homes including but not limited too: accepting offers; waiting for inspections and appraisals before making an offer; finalizing agreements with seller(s); meeting deadlines for document preparation such as proof-of ownership signatures from necessary parties like title companies etc.; posting funds into various accounts needed at various points along this timeline - which include both pre-approved lump sum amounts set aside specifically during earlier steps in order prepare everything early enough so there aren't.

So, What is it?

An escrow account is a neutral third-party that receives and disburses funds for transacting parties, such as you when buying or selling property. Typically an agent will open the account through their title company once they agree on price with both sides in agreement before signing anything official like paperwork to finalize it all!

How Does It Work?

When a buyer makes an offer on a home, the seller may require them to pay earnest money that will be held in escrow until they negotiate and close the deal. This extra assurance from both parties guards against any back-out by either party so it's essential for getting your dream house without breaking bank! The agent handling all funds during this time period is called an 'escrow.'

What Does it mean to close Escrow?

When you make an offer on a home, your earnest money will be held in escrow until negotiators close the deal. This extra assurance from both parties guards against any back-out by either party so it's essential for getting your dream house without breaking bank! The agent handling all funds during this time period is called 'an escrow.'