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Guide to Settlement and Escrow Part 2 of 4

By
Real Estate Agent with ERA Davis & Linn Real Estate

Four Part Series

 

Step Two: Show the Seller Your Fiscal Faith

 

Joshua Livingston, director of national sales for American Title Inc., in Omaha, Neb., adds that during the closing process, the buyer transfers some money - anywhere from $500 to several thousand into a third-party escrow account. This part of the closing costs, commonly referred to as an "earnest money" deposit, ensures that the seller will take the property off the market as the property closing goes through.

"That money can be refunded if the sale doesn't go through," says Livingston. "It's pending on certain requirements that the seller has to address before the sale closes."

 

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