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.
"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
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?
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