Your Security Deposit and Escrow Check: First Time Home Buying Series Video 11

You’re almost to the end of your home buying journey! It seems unreal, doesn’t it? All of your prayers are being answered, all of your hard work is coming to an end— you’re almost done with this home buying process! But first, there are a few loose ends you need to tie up. So stay with us and we’ll help you through these last few steps.

Your escrow deposit is one of the first checks you will write after your offer is submitted. This check shows the seller that you are prepared to complete this process, that you want to buy their home and that you are ready to make a serious offer.

The purchase agreement will be written out to the selling agent or the title company. And the terms of this check and its security will be spelled out in your license agreement. This way your money is protected from anything that may happen.

The escrow check is held until the purchase agreement is satisfied and at that point it will be deposited. There are different ways that your security deposit will apply itself throughout this process. And if you have any questions at all, you should ask your realtor or review your purchase agreement.

If you have any further questions about your escrow check, please feel free to send us an email or give us a call today. We are always around to answer any of your questions!