Buying a San Diego Home. What’s Escrow?
You may have heard the term. “I’m in escrow or that house is in escrow.” Do you know what that means? Many people are confused on what that is or what that means. Here’s the 411 that you need to know.
An escrow company, typically monitored by the California Department of Corporations, is a third party that handles the transaction and makes sure all parties agree to the terms of the contract and the escrow prior to the close.
For example, when buyer and seller agree to the contract that goes to the escrow officer. The escrow officer is the one who reads, interprets and helps execute the entire contract to make sure the property is sold legally. They work closely with both buying and listing agent, title officers and lenders to help bring all the moving parts together. They are also the holder of monies. They are the one who will hold your earnest money deposit through the transaction, they are also the ones who let the title officers know when it’s time to record. They are very important to the transaction.
The thing you should know about the escrow officer–this is very important– is that they will not execute any instruction unless it is in writing and both parties sign off on said instructions. You could say they are the protectors for everyone and look out for everyone’s best interest.
The best part of the escrow officer’s job? When they get to make that phone call on closing day that they’ve just received confirmation and that the transaction has closed.
If you have any general real estate questions on how to buy a home or sell a home call Chris Spade @ 619-320-5467.
Searching for homes on the go? Download our mobile app.
Real Estate for Sale in San Diego, CA under $300,000
Real Estate for Sale in San Diego, CA between $301,000-$400,000
Real Estate for Sale in San Diego, CA between $401,000-$500,000
Real Estate for Sale in San Diego, CA between $501,000-$600,00
Real Estate for Sale in San Diego, CA over $601,000