Find out what you need to know about escrow.
When it comes to buying a new home, there are many components to worry about. You must find a realtor and hunt for the perfect home, qualify for a loan, put in an offer, and then you must make it through closing. As you get through the closing process, it’s important to think about how the escrow process works. Test your escrow knowledge and find out what you need to know about escrow.
What is escrow?
Escrow is a term that can apply to a variety of different scenarios. In short, it’s the process through which a transaction is made using a third party. This process can apply to a variety of different transactions. However, it often applies to real estate.
Closing a Transaction.
When buying a home, the process must first close escrow before the deed is signed and you’ve officially made your home purchase. This type of escrow is handled by a professional who handles the final bits of information and paperwork and ultimately oversees the transaction.
Taxes & Insurance.
When buying a home, it’s often a good idea to set up an escrow account to help with taxes and insurance. Property taxes and insurance can get pricey. As a first-time buyer or if you’re not the best at managing your money, and escrow account can help force you to get your home finances in order. That way when tax day rolls around, your money is ready.
When it comes to your escrow, ensure that you’re in the right hands. Dedicated service paired with top-tier escrow services are a must when closing an escrow deal. Contact Brighton Escrow for assistance! Our Hermosa Beach, CA team, is committed to helping you make the most of your escrow process.