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Using An Escrow Company

by Gary Kent / Wednesday, 23 August 2006 / Published in Uncategorized

“I’ve bought a home a few times and I don’t understand why we need to pay an escrow company all that money. Can’t I just give the seller a check from my lender and get the deed and record it?”

***ANSWER:
If only it were that simple…

You wouldn’t want to get a letter from the IRS saying they’re seizing your home due to an unpaid tax lien from the seller, would you?

Or give a dishonest seller $100,000’s and then they “forget” to give you the deed, sell the home to someone else, and then disappear with all your money?

You need a neutral escrow holder to be sure monies and documents don’t change hands until all agreed-upon conditions are met, including paying off all existing loans and liens on the home. Escrow can only disburse funds and convey title when all conditions agreed-upon by you and the seller have been met.

Also, click here if you need more help

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About Gary Kent

Licensed since 1984, San Diego real estate broker Gary Kent is a recognized authority on real estate. In addition to selling over 5,500 homes for clients, he has been an expert court witness, trainer of other agents, and he does seminars on home buying, home selling, and investing. Gary has sold homes for The Salvation Army, dozens of major banks, and Fannie Mae, amongst others. You can find Gary on Facebook, Instagram and YouTube.

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