Escrow
What is escrow when buying a house? English and Spanish
Escrow means a neutral third party – a title company, escrow company or attorney, depending on the state – holds the money and documents of the sale and releases them only when the contract’s conditions are met.
Two kinds of escrow
The purchase escrow holds the earnest money and documents until closing (“close of escrow”). After closing, the lender’s escrow account collects part of each payment for property taxes and insurance; a rise in taxes can create an escrow shortage.
Send it in Spanish
The same explanation for a Spanish-speaking buyer or seller – copy and send:
“Escrow” es cuando un tercero neutral —una compañía de títulos, de escrow o un abogado, según el estado— guarda el dinero y los documentos de la compraventa y los entrega solo cuando se cumplen las condiciones del contrato.
Calculate the deadlines: Real estate contract timeline calculator
General explanation, not legal advice and not a translation of the contract. The signed contract and the law of the state where the property is located govern.
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