3 Ways To Protect Your Escrow Deposit

Let’s say place an offer on a property. The seller accepts, and you’re under contract. The deal is about to be closed.

At this point you have already put a deposit into an escrow account (as the deposit is not given directly to the seller). Serious earnest buyers typically put up 3% of the agreed upon price. The deposit, also known as Earnest Money, is an act of good-faith towards the seller, showing that you have decided on buying their home. Once deposited, the money can’t be moved or touched without written consent from both buyer and seller. Upon the close of escrow, that deposit will be subtracted from the balance of the down payment and other closing costs...read more