Sunday, April 19, 2020

Real Estate Escrow? What is it?

Real Estate Escrow? What is it? Learn about tips for Buyers and Sellers when dealing with Deposit money - escrow accounts. What is best way to handle it? How much money should we offer? What happens to the money?
Generally, the real estate sales contract provides that the listing broker will hold the deposit money deposited by the buyer. A separate account for the deposit of the money but be maintained. No comingling or conversion. These deposits must be made within three banking days from the date of obtaining all signatures from all parties to the transaction. Interest earned on real estate broker accounts is paid to the Connecticut Housing Finance Authority to benefit a program for first-time homebuyers. A few cents from each transaction will add up to quite a lot to help others. A buyer and seller may decide other arrangements in the Purchase & Sale Agreement. The amount of the deposit is dependant upon many factors. Is the buyer competing against multiple offers? Doe the seller need more assurance that the buyer will be able to close without a problem? For more real estate ideas, subscribe to my YouTube Channel! Where I hang out online... Rob Rosa is a licensed real estate broker in CT Berkshire Hathaway HomeServices New England Properties 1160 Silas Deane Highway, Wethersfield, CT 06109

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