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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!
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