Escrow

By
Real Estate Agent with Liberty Realty - Hoboken

Buyers and sellers have to deposit documents and money with a neutral third party to be held. When certain conditions agreed upon by both buyer and seller are met, the third party (the "escrow holder") then distributes the documents and the money. So after your offer has been accepted, you and the seller must agree on an escrow or settlement company to act as an independent third and ensure that each party receives what is due to them. Since this is a very important task to both you and the seller, you must both agree to the company and the fees they charge.

Comments (1)

Michael Almeida
Pillar To Post - Professional Home Inspection - North Arlington, NJ
Licensed New Jersey Home Inspector

Jessica,

I often see funds escrowed for repairs; like a damaged window, sink.

I highly encourage that our clients consult with their REALTOR and attorney before accepting the escrow...

Any thoughts of limits where they should not accept escrow and ask for the repair?

Thanks Michael

Dec 01, 2008 09:59 PM