If you've ever been involved in any kind of real estate transaction, you've probably heard the word escrow. By definition, it is a transaction in which a third-party provider holds the funds associated with a real estate transaction until a specified condition is met.
You can think of the escrow process in New Jersey as an intermediate step during the home buying process. In a typical transaction, the buyer will make an earnest money deposit to demonstrate to the seller that they are serious about purchasing the home. These and other funds may be held in escrow until the real estate deal is completed. The funds have not been released to the seller. It is typically held in a special account by a neutral third party, such as an attorney, until all sale criteria are met. The funds will be released once all of the conditions have been met.
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