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What are YOUR responsibilities while in escrow?

While there are many steps to the process of purchasing your home, one of the last steps is the time in which your loan is being processed. This time is referred to as “being in escrow”.  This occurs after your purchase offer has been accepted and after you have provided your earnest money to your escrow agency. Read the rest of this entry

ESCROW ??

Escrow as Earnest Money

 Earnest money, also known as escrow, refers to the money a buyer includes with their purchase offer to indicate to the seller that they are serious about purchasing the property.  Yet, that is not the only use of the word. It can be used as a verb or a noun, even an adjective. It is used as a noun, as it is defined previously. As a verb, it means to place an item into an account. And to be used as an adjective, you may hear the term “escrow agency”, a company that has fiduciary responsibilities over a transaction.  For the purpose of this blog, it means earnest money. Read the rest of this entry