When you’re buying a home for sale in Lake City, your real estate agent will talk to you about escrow.
But what is escrow, and how does it protect you whether you’re the buyer or seller?
What is Escrow?
In real estate, the term escrow refers to a secure area where important items – like your earnest money check and your real estate purchase contract – are kept safe. An escrow company manages an escrow account, and when the transaction is complete, the escrow company steps away.
The escrow company takes in documents as each step toward closing is completed. Contingencies, for example, need to be filed with the escrow company – so once the home inspection is done, the escrow company makes note of it. The same is true with other tasks the buyer or seller needs to complete, like repairs or home financing.
Escrow protects everyone involved in the transaction by ensuring that no money changes hands until every condition in your agreement has been met.
Are You Selling or Buying a Home for Sale in Lake City?
If you’re selling a home in Lake City, we’re the local experts. We know how to market your home aggressively and bring in qualified buyers, and we’d love to help you sell quickly and at the right price.
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
- Waterfront residential in Lake City
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- Bank-owned homes and foreclosure in Columbia County
- Short sales in Columbia County
- Paved road frontage for sale in Columbia County
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- Land-for-land home combo in Lake City
