What is an Escrow? An escrow is an independent stakeholder account and is the vehicle by which the interests of all parties to the transaction are protected. The escrow is created after you execute the contract for the sale of your home and becomes the depository for all monies, instructions, and documents pertaining to the sale. Some aspects for the sale are not part of the escrow. For example, the buyer and seller must decide which fixtures or personal property items are included in the sales agreement. Similarly, loan negotiations occur between the buyer and the lender. Your real estate agent can guide you in these non-escrow matters. Check out Frequently Asked Questions about escrow. |
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