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If the underlying purpose of the double escrow is legal, the double escrow will be legal. If the double escrow is undertaken for a criminal purpose, it will not be legal. Otherwise, whether legal or not, a double escrow may not be physically possible. By definition, both escrows must close on the same day, or it is not "double" escrow but two ...
Escrow is an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usually property taxes and insurance. The escrow agent has the duty to properly account for the escrow funds and ensure that usage of funds is explicitly for the purpose intended.
Another common reason for a double closing is to conceal the identity of the purchaser or seller. Typically, a real estate investor first enters into a contract to purchase a property and then subsequently (before closing the purchase) enters into a contract to sell the property (hopefully for a higher price).
The real estate escrow, also known as a pre-sale escrow, is designed to protect the buyer and the seller if the purchase falls through. Sellers can request earnest money as a show of good faith ...
DeGrace said that doesn't mean every single mortgage borrower should have an escrow mortgage. If you're someone that knows how to budget, is putting 20% down or more and already has equity ...
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Before the closing happens, the settlement agency must ensure that all the money that the lender and buyer expect to send into escrow matches the total amount expected by parties that need to be paid, such as the seller and real estate agents. This matching process means that accounting information is gathered and the order is “balanced.” [8]
The escrow process But you haven't given up, and finally you get the call from your real estate agent: Your latest offer has been accepted! You might think it's the end of the road to property ...