A way of closing on a home that requires the buyer and seller to transfer fees and documents to a neutral third party
You may complete your home's purchase/sale in escrow, depending on where the property is located. How escrow works varies, but in general: (1) the buyer and seller sign an agreement requiring them both to hand over all the closing fees and documents to a neutral third party, called an escrow agent (2) the escrow agent distributes the money and documents to the proper party, such as the lender or title company (3) the escrow is considered "closed."
Escrow doesn't require any meeting between the buyer and seller. Though, if any change needs to be made to how escrow is handled, it must be mutually agreed on.
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States that close in escrow | |
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Alaska | Kansas | Oregon | |
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Arizona | Montana | Utah | |
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California | Nevada | Washington | |
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Idaho | New Mexico | |
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