Escrow vs. Sold: What’s the difference?
When you don’t work in the real estate industry, terms like escrow can be confusing. Often, people confuse escrow and the term sold. So let’s clarify the term escrow.
What is escrow?
While this term has multiple meanings; earnest money (deposit made from the buyer to the seller when submitting an offer) is usual held by a third party until closing in escrow. It can also be referred to as the time period from when the contract is written and accepted by the seller to when the home sale actually closes.
Why is escrow not the same as the term sold?
Sold usually refers to a finalized sale. Escrow is not finalized until the recording is confirmed. Escrow is sometimes referenced as a pending sale.
What is the typical length of escrow?
Usually escrow is about 30 days, but can vary largely depending on the terms agreed upon by both parties.
If you have questions regarding the term escrow or are interested in buying or selling your home, call/text The McCarty Group at 661-665-SOLD (7653)