You hear the term ‘Escrow’ all the time when dealing with real estate terms, but what exactly is it and why does it exist? Escrow was put into place to make sure that both parties in a transaction are protected, respected and most importantly, kept on task.
Escrow is defined as, a trusted third party whom the buyer and seller ensure the deed and funds for the transaction to, until the appointed appropriate time. Once the specific escrow demands have been completed, meaning the seller signs over the deed and the buyer signs over the money, and the transaction is recorded by the chosen third party the transaction is officially completed.
Escrow is similar to PayPal, a safe place that keeps track of two different parties valued items, until it’s time for the transaction to be completed. This was a brief look into the world of Escrow, which at times can involve more extensive explanation. If you’re curious and would like to discuss this topic, or any of our blogs further, feel free to give me a call or stop by and say hi!
Tosha Reinmiller
Principal Broker
Living Room Realty – Manzanita
507 Laneda Ave Suite #4
(541) 231-5829
tosha@livingroomre.com