Understanding Real Estate Escrow
New to the market, some home buyers are confused and asking for a real estate escrow definition. Granted, the sheer multitude of steps with related terminology involved in home buying can be daunting, but as local real estate experts, my business partner Marty Snyder and I hare happy to explain real estate escrow.
Before I go into real estate escrow, just note; visit some of the other real estate blog categories at your right to learn more about buying or selling a home.
Real Estate Escrow: Definition
Another name for a real estate escrow account is an “impound account”. This account is set up by your mortgage lender for the sole purpose of paying property-related expenses on your behalf and includes…