The process of buying your first home brings with it a handful of new terms and phrases to learn.
By researching or asking your Austin or San Antonio real estate agent what each new term means, you can set yourself up for success and achieve a more informed understanding of the home buying and selling process.
Among the many words you may soon encounter, “escrow” is one you’ll want to know. While the term is used across a handful of financial industries, this article will solely define escrow in relation to the real estate industry.
What Does Escrow Mean?
When a person refers to money (or something else of high value) as being “in escrow”, they mean that their value-item is being held by an unbiased third party to ensure a fair transaction…