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5 Fast Facts About The Escrow Process in 2022

If you’re buying or selling a home in 2022, you’ll need to know about the escrow process. Escrow is a vital part of any real estate transaction, and it’s important to understand how it works before you get involved. Here are 5 fast facts about the escrow process that every homeowner and buyer should know!

Fact #1:  Escrow Is A Third Party Service

An escrow company is a third-party service that helps facilitate the sale of real estate and other big-ticket items. Their services protect both the buyer and the seller in a transaction by holding onto important documents and funds until both parties have fulfilled their obligations.

 

Fact #2: The Escrow Agent’s Job Is To Make Sure That Both The Buyer And Seller Fulfill Their Obligations In The Purchase Contract.

The escrow agent’s job is to make sure that both the buyer and seller fulfill their obligations in the purchase contract. This includes making sure that the buyer pays the agreed-upon purchase price and that the seller delivers a clear title to the property. The escrow agent will also handle any other tasks specified in the contract, such as ordering a home inspection or arranging for financing.

 

Fact #3: Once All Of The Conditions Of The Sale Have Been Met, Escrow Will Close And Ownership Of The Property Will Be Transferred To The Buyer.

At this point, the buyer will pay all remaining closing costs and the agreed-upon purchase price of the home.  The keys will then be handed over to the new homeowner and escrow will be officially closed.

 

Fact #4: If Either Party Doesn’t Hold Up Their End Of The Deal, The Escrow Agent Can Cancel The Transaction.

If either party doesn’t hold up their end of the deal, the escrow agent can cancel the transaction. This is known as a “failed escrw.” For example, if the buyer fails to come up with the agreed-upon purchase price, or if the seller is unable to provide a clear title to the property, escrow will be canceled and all funds will be returned to their respective parties.

 

Fact #5:  Escrow Is An Important Part Of Any Real Estate Transaction.

While it may seem like a hassle at times, escrow is actually an important part of any real estate transaction. By using an escrow service, buyers and sellers can rest assured that all conditions of the sale will be met before any money or property changes hands.

If you’re in the market for a new home, it’s important to know about the escrow process. Here are five fast facts about escrow that will help you understand what happens during this critical part of the real estate transaction.  Escrow is a third party service that ensures both the buyer and seller fulfill their obligations under the purchase contract. The escrow agent’s job is to make sure that everyone follows through on their end of the deal, and they can cancel the transaction if either party doesn’t hold up their end of the bargain.  Escrow is an important part of any real estate transaction, so be sure to contact Sexton Group Real Estate Property Management today if you have any questions about how it works. They’ll be happy to walk you.


Are You Looking to Invest in Real Estate in Northern California?

The top real estate agency in Northern California, Sexton Group Real Estate | Property Management in Berkeley, California is a boutique real estate company specializing in residential sales for properties throughout the San Francisco Bay Area. To better serve our clients we have three local offices, one in the heart of picturesque Berkeley, one near downtown Oakland and the third in the heart of historic Lafayette, California. The Sexton Group encompasses the essence of Berkeley’s charm, Oakland’s history and Lafayette’s family-oriented vibe all with a relaxed, down-to-earth nature. We are an amazing group of real estate agents whose wealth of experience spans more than 25 years in the industry.  Looking to buy a home in Contra Costa or Alameda County? Contact us today for your free consultation! 


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