We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.
What is Escrow?
An escrow is a third party (i.e. neither buyer or seller) who acts as stakeholder in a real estate transaction. The stakeholder is a bonded fiduciary who holds money and property until such time as the parties perform under the terms of the contract. Simply, they hold all the money and property until everyone does what has been promised of them. Usually, this is when the buyer produces their money and the seller signs the deed.
Escrow will then generate a closing statement accounting for all the funds received/distributed and make the transfer effective. Escrow is a simple, effective method of completing the paperwork necessary to transfer title on real estate.
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Our team has a combined 55+ years of experience helping home buyers understand the residential real estate market. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.