Category: Real Estate Closings
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What happens to the escrow deposit if a real estate transaction cancels?
The escrow deposit in a real estate transaction is an amount placed in escrow by the buyer as a good faith gesture of the buyer’s desire to purchase a property. It often also serves as the damages to a seller if the buyer breaches the contract. The escrow deposit will sit with the escrow agent…
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What is a title search?
A crucial part of a real estate transaction is ensuring that clear and marketable title is passing from the seller to the buyer, which involves ordering a title search. The title search searches the public record to review the history of the property to ensure the seller has authority to sell the property and there…