Make Sure You Have the Money to Close Escrow

Escrow is a legal procedure meant to protect all parties involved: buyer, seller and lender. The third party can be an escrow company, an escrow agent or an attorney. They are given all funds, paperwork and documents in regard to the sale of the home, ensuring all contingencies--or stipulations--are met before the mortgage company releases the funds and the title of the home is signed over. The stipulations typically include the selling price, inspection of the home, and ensuring the title is clear.

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