There is some confusion, especially among first-time home buyers, regarding exactly why there is this thing called an escrow. What is it? What does it do? Why is it necessary? Why can’t I just get my home purchase offer accepted and then move in the next day?
Buying a home is practically unlike buying anything else in your lifetime. There are a lot of issues surrounding a home purchase that involve insuring that both the buyer and the seller are in complete agreement as to the negotiation they finally settled upon. In that agreement, there are local, state, and federal laws that govern the purchase of real property.