A closing statement is a crucial document in real estate transactions, providing an accounting of funds from the sale to both the seller and the buyer separately. Most states require brokers to furnish accurate closing statements to all parties involved.
An earnest money deposit is a type of advance payment made by a purchaser of real estate to show their commitment and good faith during the home-buying process.
A comprehensive guide to understanding Escrow, its mechanism, and relevance in various fields such as real estate, finance, and more.
An escrow agent is a neutral third party responsible for holding and managing funds or assets until predetermined contractual conditions are met, commonly used in real estate transactions.
A reserve fund in real estate refers to an account maintained to provide funds for anticipated expenditures required to maintain a building. It may also serve as an escrow to pay upcoming taxes and insurance costs.
