Virginia Beach, Virginia (findit) October 25, 2019 - Katie Zarpas Group, a Virginia Beach Real Estate Company, recently released a blog answering what does escrow mean. The guide explains what the escrow process entails for home buyers and sellers.
The home buying and selling process involves many factors. The term escrow will come up frequently during these processes because it refers to the third party that is hired to handle the property exchange of funds. Having this neutral third party hold everyone accountable for the necessary transactions of the buyer and seller that will lead to the eventual closing of the real estate. This process can take several weeks to months to finish that involves heavy paperwork with specific conditions that need to be met.
You will want to start by opening an escrow account for the buyer and seller to deposit documents, written instructions, and money with a third party until certain conditions are met. Once the offer on a home is accepted, the escrow process begins. The buyer and seller must sign the purchase agreement and the real estate agent needs to collect any earnest money and deposits that are in the escrow account. Then you are able to begin the mortgage agreement process. Here, the lender will have to appraise the property to determine the best loan option and the interest rates. Then you will have to read the closing disclosure document that highlights the mortgage loan, final closing costs, and any fees you still owe. During this process, you may have to meet with the buyer and seller's real estate agent, mortgage lender, title company representatives, and the lender's and buyer's attorney. Escrow services are essential to these lengthy and complex processes to make sure the real estate transaction is safe and fair for buyers and sellers involved.
Contact Katie Zarpas Group for more information about escrow associated with the buying and selling process and how a real estate agent can help you close your sale as quickly as possible. Zarpas has won several awards over the course of her career in recognition of her skills. She specializes in transactions in the Virginia Beach area and can be contacted at 757-500-5596 or online at https://www.katiezarpas.com. Her office is located at 800 Laskin Road, Virginia Beach, VA 23451.