Terms And Phrases To Learn Before House Hunting
- By
Julia Austin
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Escrow
Speaking of escrow, when buying a home, you will deal with an escrow company. You will actually give your EMD check to an escrow company—not directly to the home seller. An escrow company is a neutral third party who ensures that everybody holds up their end of the deal, and in a timely manner. So, if one of your contingencies is that the appraisal value is appropriate, the escrow company will not give the seller your EMD until that appraisal is complete. If the seller fails to comply, the escrow company will refund you your money.
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