If you have ever sold a house before, you know that residential real estate transactions can sometimes feel a bit complex and overwhelming. There is often a lot of money involved, as well as many moving pieces that must be carefully managed to push the process along toward its desired conclusion. With these and similar deals, using the services of an experienced escrow company like Inspire Escrow Services can help ensure that things run smoothly throughout. Wondering how escrow works when selling your home in Riverside, California? Our team is happy to provide some guidance to assist you.
As soon as you accept an offer on your home and begin the journey toward closing, the initial step in the process is to work with your escrow officer to establish the specific terms of the agreement. This first step is absolutely critical to get right, as you and the buyer will need to strictly adhere to these conditions for the sale to go through. Once all parties are in agreement on the terms, it is then the responsibility of the buyer to place the set amount of money into the escrow account itself. Specifically, this amount consists of the total value of the home sale along with any supplemental fees involved.