When people are purchasing or even selling a home, they are often times mystified by the number of hands that are touching the transaction. These can include Local and State Governments, Attorneys, Abstractors, Insurance Companies, Surveyors, Realtors, Lenders, etc. etc. etc. Each comes with their own fees/taxes/commissions that are charged at closing. All of these fees are paid from an Escrow Account.
During the closing process, large sums of money change hands. A title company often serves as the escrow agent. They hold your earnest money deposit, down payment, and lender loan funds in a secure neutral account. They only release those funds to the seller once every contract condition has been met.
Need help in understanding how a real estate transaction works? Let EZ Team be on your side. Call us today - 410-271-9499, and let us demystify the process for you.