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Estate ®
Eileen M. Day REALTOR
Wi IY DEPOSIT 11ELD IN ESCROW/
You’ve just pul a hefty de[Ktsit down on a house you plan to buy. Instead of that de [Ktsit money going directly to the seller to hold, it is held in escrow by the seller's agent. Did you ever wonder why?
Escros is the deposit of a deed, deposit money, or other instruments with a third party for delivery upon performance of a condition. In a real estate transaction, the borker fre quently acts as the escrow agent although any third party could do this.
Escrow protects the seller—his documents will not be used until full payment is made. It protects the buyer— his deposit funds will not be used until he obtains a clear ti tie. Escrow also acts as a clearing house from which demands and adjustments can be made at the closing.
This in no way supersedes or eliminates the serv ices of an attorney. The attorney must still handle the writing and record ing of documents associated with the title transfer. Escrow is a service offered by most professional agencies.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY. Realtor, The Clopton House, Washington, Va. 22747. Phone 675-3033. We re here to help.
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