Tampa Real Estate Terminology
Posted by Shane Vanderson on
As a REALTOR, we have our own language that we use every day, but for the general consumer that isn't buying or selling real estate often, the terminology can get a little confusing especially when other areas of the country may have a different process or vocabulary. Hopefully, this helps!
Escrow Deposit (aka Good Faith Deposit, Earnest Money Deposit or Escrow Money Deposit, EMD)
An escrow deposit is a sum of money you put down to demonstrate your seriousness about buying a home. It is typically held by a 3rd party, such as a Title Company, Attorney, or Real Estate Brokerage. It can be held at a different location than the Closing Agent (agents please understand this). The time to place escrow is negotiated between Buyer and Seller and is noted…
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