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Kirsten
LIF Toddler
Member since 5/05 485 total posts
Name:
Kirsten
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Escrow?
Sorry for asking a stupid question but
What exactly is Escrow?
TIA
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Posted 10/25/06 1:55 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Escrow?
I think it is a way of paying your taxes...we did not want an escrow account therefore we pay out taxes quarterly and they are not included in our mortgage payment.
I think this is correct but im not 100% sure
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| Posted 10/25/06 2:54 PM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: Escrow?
"Temporary deposit with a third party of assets by agreement between two parties to a contract. The money is released when the conditions of the contract have been met."
Typically the down payment is paid upon signing the contract to the Seller's Attorney's Escrow account and held until the closing when it gets released to the Seller. If for any reason the sale falls through, the Buyer can get their money back.
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| Posted 10/25/06 2:56 PM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: Escrow?
Your bank can also add your taxes to your monthly payment and hold those in escrow until the taxes are due. That way you can spread it out through the year, roll them into your payments and your bank will pay the taxes when due.
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| Posted 10/25/06 2:57 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Escrow?
It's a fund set up by the seller's lawyer. Your down payment will be deposited there BUT it is inaccessible to the seller. You're showing good faith. And, no attourney represented a seller would let him/her sign contracts without money being there.
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| Posted 10/26/06 9:49 AM |
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