What happens once you go into escrow?

An escrow account serves as a vital intermediary in real estate transactions, ensuring financial security for both buyers and sellers. It functions as a temporary holding space for a good faith deposit, a sum of money that signifies the buyer's commitment to the purchase.

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This deposit is placed in the escrow account upon the seller's acceptance of the buyer's offer. The account is managed by a neutral third party, ensuring that funds are held securely until the terms of the sale are fulfilled.

If the sale progresses smoothly, the deposit held in escrow will contribute towards the downpayment of the house. This arrangement provides peace of mind to both parties, as it guarantees that the buyer has a financial stake in the deal while also protecting the seller from potential losses.

The escrow process spans the time period between the seller's acceptance of the offer and the buyer's official takeover of the property, marked by the receipt of the keys. During this interim, the escrow account safeguards the deposit and facilitates the smooth transition of ownership.