What happens after an offer is accepted?
You’ve finally made an offer on your dream home and it’s been accepted by the seller. You’re well on your way to homeownership!
First order of business- CONGRATS!
Now, let’s talk about what comes next- a process called ‘escrow.' What exactly is this escrow I speak of?
By definition, escrow is ‘a deed, a bond, money, or a piece of property held in trust by a third party to be turned over to the grantee only upon fulfillment of a condition.’ Thanks, Merriam-Webster.
Put into simpler terms:
When you enter into a real estate transaction (ie. purchase a property), the funds from this purchase are put into “escrow” until the sale is completed. This means that the amount of money is held by a neutral third party until all the kinks get ironed out and you’re ready to close the deal. Once all terms have been met, finances have been cleared, the home’s been inspected and repairs have been made, you can close escrow- or complete the transaction.
Why is this important?
Chances are you’re investing a good deal in this transaction, so you’ll want to make sure that everything goes smoothly. And, that’s what escrow is for.
The escrow process protects both the buyer and the seller, keeping all parties involved in the transaction in line and ensuring everyone holds up their end of the bargain.
Payment is not released until both the buyer and seller are satisfied with the final sale agreement.
It’s a win-win!
Using escrow to facilitate your real estate transaction eliminates potential headaches, making sure that the process is safe and secure for both buyer and seller.
We are excited to work with you!
Request a Showing
We know what home may mean to you.
Need to sell first?
Learn what your home is worth, today.