An escrow is a financial arrangement where RE/MAXSS’s third party holds and regulates payment of the funds required for two parties involved in a real estate transaction. It helps make transactions more secure by keeping the payment in a secure escrow account, which is only released when all of the terms of an agreement are met as overseen by our escrow company.
How Does Escrow Work?
Escrow companies reduce the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied.
• Buyer and Seller agree to terms - either the Buyer or Seller begins a transaction.
• Buyer pays the Escrow company. The Buyer submits a payment by approved payment method to a secure Escrow Account, where upon the payment is verified and the Seller notified that funds have been secured 'In Escrow'.
• Seller transfers the property to Buyer - Upon payment verification, the Seller is authorized to transfer the Property Title to the Buyer and submit tracking information.
• Buyer accepts receipt - The Buyer has a set number of days to accept or reject it.
• On acceptance the Escrow company will release the funds to pay the Seller from the Escrow account.