Long Beach Island Real Estate Escrow Deposits
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Escrow 
LBI Real Estate Escrow 
LBI Real Estate Escrow
Long Beach Island Real Estate
LBI real estate escrows can have multiple meanings in a real estate transaction. The most common application of escrow has to do with the bank account that will hold a deposit on the sale of a home on LBI. Usually, a deposit on the sale or rental of a house will be placed in the escrow account of an attorney, title company, or real estate agency. Escrows can also refer to money being held for a specific purpose. While the reasons to hold an escrow vary greatly, we often see post-closing escrows held for the testing of heat or air conditioning, agreed-upon repairs that were not completed, or to finish the construction of a home that must close before completion. Understand escrow deposits on Long Beach Island is a crucial step towards a successful real estate transaction.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Escrow
Rental deposits, usually for seasonal summer rentals on LBI, are almost always held in a real estate agency’s escrow account. Escrow deposits will vary from transaction to transaction, but the customary amount is around 10% of the sales price. In most real estate transactions, these deposits will be placed in the non-interest-bearing account of the title company or the attorney, but sometimes these deposits are still held by a real estate broker. When an escrow is held post-closing, it is almost always kept in the escrow account of an attorney or title company. Any buyer or seller should be aware of the rules governing escrows and consult their legal representative to ensure their money is safe and protected.
Long Beach Island Real Estate Escrow Deposits
An LBI real estate escrow is designed to protect all parties, and understanding the rules governing these deposits is a big part of the buyer or selling process on Long Beach Island. Escrows are a ubiquitous part of any real estate transaction on Long Beach Island, so understating them is essential. A buyer or seller should always know where their money is and be confident that it is safe. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
You May Also Like: