What is an escrow account?

In the case of a real estate transactions, escrow is a third party account that acts as a holding cell for safekeeping important documents. There are two types of escrow accounts in real estate – mortgage escrows and real estate escrows.

What are closing costs?

"Closing", also referred to as completion or settlement, is the final step of completing a real estate transaction. At closing, the title of the property is officially transferred from the seller to the buyer. At this point in time, the lender will

What fees should I expect when buying a home?

As the buyer in a real estate transaction, you should expect to incur the following fees. Earnest money deposit: The buyer will normally pay 1-3 percent of the offer price at the time of the accepted offer. The deposit will eventually become par

What fees should I expect when selling a home?

What fees should I expect when selling a home? As the seller, you should expect to incur the following fees. Real estate agent commissions. As the seller, you will be paying the commission for both the buyer and the seller.  I