Buying a new house is one of the most exciting times of your life. It can also be one of the most confusing, especially if you are not sure of all the steps it takes to move in. One of the most important, and possibly puzzling, aspects of buying a house is the escrow.
An escrow is basically a safety net for both the buyer and the seller. It is a deposit of funds, a deed, or another type of instrument by one party that is delivered to the other party once all conditions are met. Since the escrow is handled by a third party, both the buyer and seller can be sure that whatever they put into the escrow will be kept safe until all the terms of the sale are met.
An escrow can provide the assurance that no property or funds will change hands until each and every term on the transaction has been followed. The escrow officer or company will safeguard the funds or property and all documents while they are in their possession, and then will distribute them only when all the provisions of the escrow have been met.
While you are in escrow, it is important to make sure that you fully understand what is going on. If you have any questions, make sure to ask your escrow officer. It is vital that you stay up to date with your escrow to ensure that it does not fall through and that it closes in a timely manner.
For all of your escrow needs, contact Eastland Escrows in Covina, California. We will work with you through the entire process, no matter if you are buying or selling a home, to be sure that all of the terms of the sale are met.