Escrow –

Although it’s not the most talked-about aspect of buying a home, escrow is nonetheless a vital component of a successful transaction.

Escrow is an arrangement in which a neutral third party holds onto funds and key documents involved in a home sale, and then distributes them according to the agreement between the buyers and sellers.  The Escrow period begins when a seller accepts a buyer’s offer, and ends at the closing table.

Purchasing a house isn’t like buying shoes; there’s a lot of money involved, a lot of steps to manage, and a lot at stake.  So the buyers and sellers don’t exchange money and documents directly with one another.  They do it through the escrow account.

Escrow ensures accountability. Buyers want to be sure all contingencies are met (inspection, title report, secured mortgage, etc.) before the sellers cash any checks.  Sellers want to make sure they receive funds before they hand over the deed.

 

 

 

 

 

 

 

 

 

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The Meagher Team- Paul, Tim and Heather:
The #1 Selling Team in Wayne and Pike County!
Paul and Tim Meagher
Office Phone: 570-253-9566
Office Fax: 570-253-9353
RE/MAX WAYNE
416 Main St Ste A
Honesdale, PA 18431
Paul Meagher: 570-253-9566
Tim Meagher: 570-647-5045
Heather Meagher: 570-698-7299
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