When you buy or sell a condo or loft in DTLA, you’ll have to deal with escrow – but what is it, and how does it protect you?
What is Escrow When You Buy or Sell a Loft or Condo in DTLA?
In a real estate transaction, the term “escrow” refers to a secure area where things like your earnest money check and purchase contract are kept safe. They stay there throughout your transaction.
An escrow company or special escrow agent maintains the escrow account, and when the transaction is complete, they company or agent leaves the picture.
Important documents that you need during your transaction all go to escrow as necessary. Things like contingencies, proof of repairs or home financing, and other important documents all go into your escrow account for safekeeping while your transaction is pending.
Your escrow account protects everyone involved, too. It prevents any money from actually changing hands until it’s supposed to (like your earnest money deposit).
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our: