If you need assistance, please call 321-436-5463

Process: Harry Bing Discusses Escrow Deposit



Now comes the Escrow, no I didn't say Escargot as in snails, you know once you've executed a contract, you're required to put forth an amount agreed upon in the contract as good faith money. This small amount of money gives assurance to the seller that you're serious about purchasing their home.

The Escrow deposit usually between a thousand and three thousand is customary in transactions below half a million dollars. Your amount has been negotiated as a part of your contract and is located on the front page of your contract.

Escrow is simply defined as "putting your money where your mouth is". This amount held in Escrow will be accounted as part of your downpayment or closing calls in the transactions, and your agent will give you instructions on the best way to deliver your Escrow deposit.

Sometimes, you can deliver it by cheque to the appropriate part, other times you have to wire the deposit electronically, in most cases, you only have 3 days to get your Escrow deposit, and you risk losing your contract or suffering other legal ramifications.

Okay, people! Let's get that escrow deposit turned in!
© 2021 My Florida Regional MLS DBA Stellar MLS, Inc.. All rights reserved. The data relating to real estate displayed on this website comes in part from the Internet Data Exchange (IDX) Program of My Florida Regional MLS DBA Stellar MLS, Inc. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers' personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.12/3/2021 11:05 PM CST
This site powered by CINC: www.cincpro.com