Video Dictionary Blog (vlog) by REALTOR® JenKlein – Defines Escrow or Opening Escrow-
Roseville Realtor Jennifer Klein a.k.a. Jen Klein, defines the term Escrow.
The term escrow is a neutral third party, which monitors the purchase and sale process. The term is used differently across different industries. However, in real estate it refers to depositing of funds into what could be considered a holding company. A third party to hold your deposit while you are meeting the demands of the contract.
The other term escrow that is used refers to impounding your taxes and insurance. The escrow company or mortgage company may require you have an escrow account, i.e. your taxes and home owners insurance paid for upfront. Also, the escrow company may require your taxes be paid up front out of escrow. These are the two different uses for escrow in real estate.
Wikipedia defines escrow-
An escrow is:
an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually agreed conditions by the transacting parties, or an account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower’s name to pay obligations such as property taxes and insurance premiums.
For more valuable information about Real Estate in Roseville And Rocklin please check out these other related posts: Actual Days on Market, Absorption Rate, Roseville And Rocklin Real Estate Scoop July-August, Zillow’s Zestimate, Can I make an offer contingent on the sale of my current home?
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