escrow: What Happened to the 30 Day Escrow?
- 02/17/16 09:24 AM
If you have not bought or sold a home in the current millennium, you may still think that escrow takes about 30 days. 30 day escrows are a thing of the past. Let me just say that I closed a couple of cash transactions in this past year that took about 15 days to close even with home inspections. When there is a mortgage involved, the average has been closer to 40 days.
That all just changed now. It takes longer. Now it takes 45 to 60 days to close on a home with a mortgage. As of October 3rd, a Truth-in-Lending … (4 comments)
escrow: Closing
- 02/25/15 08:01 AM
In a real estate transaction closing is when the buyer retains title of the property. This is when the title deed and loan are recorded at the county courthouse. In today’s housing market, this will normally take about 45 days from the time that the purchase terms were agreed upon by the buyer and the seller.
All the inspections will have been made and satisfied. This may include a home inspection, septic inspection, well inspection or a property survey. Often times the buyer and seller will need time to respond back and forth. There may also be other contingencies that … (2 comments)
escrow: Escrow what exactly does escrow mean?
- 02/23/15 01:09 AM
Escrow is a term used in real estate transactions that would appear to have several meanings. It actually has one meaning that applies to a handful of situations in real estate.
Escrow is a provision made between parties in a transaction for the disbursement of funds and documents. Escrow will be managed by an unbiased, independent, trusted third party who has no interest in the transaction. Escrow will often involve a trust account. A trust account is a special account to hold money that will be distributed upon close of the transaction.
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