P.S. The video mentions “Earnest Money”, which is another term that your probably have come across. In case you would like to learn more about it, please click here.
Vlog 003 – What is Escrow?
“Escrow” is another term homebuyers and homeowners come across during a real estate transaction.
Escrow is an arrangement whereby a third party performs certain tasks to facilitate a transaction between parties to that transaction until those parties have fulfilled their contractual obligations.
It can get a little confusing since escrow services are used in different contexts. For real estate, purchase and sale of a home and mortgage are two primary ones. Watch this video to learn more.