What does the term 'escrow' mean in real estate?
An example of an AI chatbot conversation about real estate terminology and definitions.
What does the term 'escrow' mean in real estate?
In real estate, 'escrow' refers to a financial arrangement where a third party holds funds or documents until certain conditions are met.
Why is escrow important in a real estate transaction?
Escrow protects both the buyer and seller by ensuring that funds are only released when all terms of the agreement are fulfilled.
What are some other common real estate terms I should know?
Some common terms include 'closing costs', 'appraisal', 'title insurance', and 'contingency'. Would you like definitions for any of these?
Yes, can you explain 'closing costs'?
Closing costs are fees associated with finalizing a real estate transaction, including loan origination fees, title insurance, and taxes.
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