What Is Escrow?

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When it comes to real estate, many often feel bogged down with all the verbiage realtors tend to use and after awhile, it can start to be a bit overwhelming. Well, for those of you thinking, “Why can’t my realtor just speak English?,” RE/MAX Elite presents a crash course in escrow!

So, you have been looking for your dream home. You don’t want it too big or too small, the ceilings must be angled just right, it must be modern but maintain a certain amount of classic style. After months of searching, you expert realtor has found not just your dream home, but the perfect home. Just walking through the front door and you know you want it. But now what?

And cue escrow! It is the process that provides for a fair trade and equitable transfer of property from one person to another, according to Realtor.com. This “waiting period” begins when the buyer has put down a deposit on the home and concludes when the deal is sealed on the home. Because buying a house involves multiple processes that can be very tedious, escrow gives both you and your realtor time to complete all the necessary contracts, loan funding, contingencies, working with title companies or insurance agencies.  This process usually lasts about 25 to 30 days, depending on the type of sale, and basically puts your home on “hold” while you tie up the details.

For your escrow to run smoothly, it is highly recommended and almost necessary for you choose an escrow officer who knows the ins and outs of the business. Typically, your all-knowing realtor will recommend someone they have worked with in the past, but don’t be afraid to get referrals as your escrow officer is critical to getting the house you want and in a timely manner.

Once all the I’s are dotted and the T’s are crossed, escrow is completed and you just won yourself a brand new house!

For more information about Escrows or in finding your dream home, contact RE/MAX ELITE in Malibu at (310) 456-5888, or stop by our office – 22917 Pacific Coast Hwy, Suite 210, Malibu, CA 90265.