Learn about escrow
What is this whole Escrow Thing?
Why do I need escrow?
As a borrower, you want the assurance that no funds or property will change hands until all of the transaction instructions have been followed. The escrow holder has an obligation to safeguard the funds and/or documents while they are in the escrow holder’s possession and disburse funds and /or convey title only when all provisions of the escrow have been complied with.
Opening the escrow.
Either your Real Estate Agent or the buyer’s agent may open the escrow for you. As soon as you execute the sales agreement, the buyer’s agent will place the initial deposit into an escrow account. At the escrow opening, you may be asked to provide identifying information such as your birth date and social security number. This information remains confidential.