#RealtorBUZZ – What is Escrow?
Hi this Oscar Arellano, welcome to another episode of Realtor Buzz. In today’s episode, we are going to talk about what is escrow. An escrow deposit is an earnest deposit money also known as the good faith deposit provided when a contract is executed by both parties. The reason why you do that is to show the seller that this faith money being put in the buyers serious, is never provided to the seller directly. It is always given to a third party like a title company or attorney. The amount of deposit varies, it depends on the transaction, the amount of a small transaction is also a smaller deposit. A large transaction is a large deposit. If a transaction does not work out during the inspection period or financing, the money is provided back to the buyer. If you have any questions or are looking to buy, sell or lease real estate. Please contact me, Oscar Arellano.