Escrow

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Escrow

So the house that you're interested in is on the market asking $310,000.

You offer $300,000 so you make an offer contract. You date it.

You give all of the right information.

You say what your offer is.

You give a deposit to show that you're in ernest; that you're serious about this.

But then you list your contingency.

Hey look. I want to buy this house unless it doesn't pass inspection;

unless I'm not able to get financing; unless I'm not going to be able to get insurance; unless the title is somehow not clear; but if all of this does happen in a favorable way, then we're going to close two months in the future.

Now the seller has three options: They could accept your offer.

They could say "OK, I agree to this offer contract" and then ya'll will both sign it.

And you would put your signature and the seller would put their signature and so everyone agrees to this happening and your deposit will essentially be taken.

And we'll talk in a second about where that deposit goes.

Another option is that the seller might just outright reject your offer and say "No no no no.

This is an insult. "This house has been in our family for forever.

The $310,000 is my bargain basement price.

I don't even want to give credit to this offer by even doing anything else."

So they just reject it outright.

And then the third option is that they could give a counter-offer. They say, "OK, this is close, but I'm going to issue a new "counter-offer contract where "instead of it being $300,000" now it's the seller we're talking about, "they'll say how about $305,000?

Or how about fewer contingencies? Or how about a closing date that is closer "to the period we're talking about? How about "the buyer takes on more of some type of "closing costs or some other type of thing "that's actually going on?"

So the seller is trying to give a counter-offer that's in some way more favorable to the seller and then the buyer might look at that and either turn it down or take it.

On and on and on and on.

But let's just say for the sake of this video that this offer contract is accepted.

So if the offer contract is accepted then the buyer signs it. The seller signs it.

And they move forward. The transaction will move forward.

And this essentially releases a whole series of things that are going to go on.

So let me see if I can diagram that out.

So we are talking about a world where the offer is accepted.

So the first thing that is going to happen is that you're going to have an opening of escrow.

And I know what you're thinking: "What is escrow?"

And I know you're thinking that because I remember the first time that I was in a real estate transaction and I thought that myself.

This word called escrow kept popping up over and over again.

And I had never seen the word until I started having to deal with this real estate transaction.

And the whole idea of escrow... let me scroll this up a little bit... is if you have a buyer and a seller, and escrow actually applies beyond just real estate, but the idea becomes useful any time you're making a major transaction for something that's quite valuable.

Maybe the transaction is a little bit involved so if you have a buyer and a seller you might just say you know the buyer might just say, "hey, give me the keys "to the house - give me the keys - "and then I will give you the money."

But the seller might say "hey hey hey, "I'm not going to give you the keys..." and when I say keys I'm really meaning title to the house. That's actually the important thing.

Locks can be changed. But give me ownership of the house and then I'm going to give you money."

And then the seller says "Hey hey hey hey, "no no, this is a major asset.

This is my largest asset I have.

I'm not just going to give you title until I get the money first.

And then the buyer says "no no no no, "This is like all the money I have.

I'm not going to give you the money until I get the title to the house or until "I get ownership to the house first.

And by the way I don't want to give you the money until all of this other stuff happens.

Until I can inspect the house. and do all of these other things.

And the seller says "Hey, I don't want to "let you get all of these strangers "into my house and inspect it unless "I know for sure that you're going to buy it."

So you can see that this can be a little bit of a log jam.

They want to transact, but maybe they don't trust each other.

Or maybe they trust each other but they're just afraid that maybe the one person might take the title and run or that one person might take the money and run or that they might not be serious.

And so what society has developed to solve this problem, and it's not just for houses it's for any major transaction.

It can be for businesses or anything that could be fairly complex, is they turn to a third party: a trusted third party.

Let me write this down... a trusted third party...third party... that is called the escrow agent.

So this right over here is the escrow agent.

And when we're talking about escrow we're talking about putting something into, I guess you could say, a third party bucket..an account.

And everything is going to be placed there.

The buyer is going to put all the things that they need to place there.

The seller's going to place everything that they need to place there.

Then the trusted third party can verify that both parties have met their obligations.

Then it can give the seller what the seller what the seller needs and give the buyer what the buyer needs.

And then essentially close that escrow account.

So right when you start this, when we say "opening of the escrow account" that means that - so this is the escrow agent and they're essentially going to manage the escrow account...escrow...account...

So as soon as the offer is accepted you open an escrow account.

And that deposit that we talked about, that goes into he escrow account. So let's put that in.

So that deposit, that $9,000 that was in the offer contract, that goes into the escrow account.

Why is it important to get put in the escrow account?

Well if you gave that deposit to the seller, well maybe the seller just cashes the check but then refuses to proceed or doesn't allow the inspector to come into the house or whatever else it might be.

And so this is a way the buyer can feel sure that OK, I'm writing this check but, you know, it's just not going to disappear without me knowing about it.

$9,000 is not a small amount of money.

And this way the seller feels good:"OK, I trust this third party.

The buyer has "in ernest put the deposit there.

I know the deposit it there so now I can let the transaction proceed "I can let inspectors come into the house "feel good about it, etcetera, etcetera."

And so, as we go through this period between the time that the offer was made, this two month period, and it's not always two months, and the closing date.

And the closing really is the closing of the escrow account once all of the parties have met their obligations.

But in that two month period all of this stuff is going to happen.

And so you're going to have the inspection.

So house passes inspection...passes...inspection... The financing comes through.

The rest of the money for the house gets placed here.

So financing... So if let's say this person is putting in 20 percent...

So this was the $9k deposit... actually let me put some details here... So there's the $9k deposit.

Now in order to actually have the transaction we have to have a whole $300,000 in there so let's say this buyer is going to put 20% down on the $300,000 house.

So that's going to be $60,000.

They've already put $9k. This deposit is usually towards the down payment.

And so they'll want to put another $51k down payment...

$51k down payment... And then the financing comes through so this is going to be the remaining $240,000 from the bank.

And there might be some other costs on either side.

So these are kind of closing costs.

And we'll do whole videos on all of the different types of closing costs.

But these might be paying the agents, paying the mortgage brokers, paying for the escrow services, the title services, the title search, etcetera, etcetera.

So both sides are going to put in their closing costs.

So from the buyer and the seller.

And we could talk about in different states there might be different conventions.

Or even different transactions might have different conventions for closing costs.

And so on 12/15..so go all the way to 12/15..

And we're assuming this is happening in 2015, you have your closing date.

And so the trusted third party, this escrow agent, is going to say "OK look, the buyer has put "everything that they need to put in "in order to buy the house.

The seller has "met all of their obligations.

And the house has passed all of the inspection.

All of these contingencies have been met.

So on the closing day this trusted third party, the escrow agent, will actually disburse the money...

So will actually disburse the $300,000 to the seller and will actually issue the title, which is the ownership, to the buyer.

And also pay everyone else who has to be paid here.

They might have to pay themselves because they're one of the services as part of this, so that will be involved in the closing costs.

They might pay the mortgage broker, the agents, all of the other people who are party to this transaction.

And as we've seen in the video on titles, the title is really about filing a deed with the county or with the city.

So this right over here would be a deed which essentially gives the new owner, the buyer, proof that they now own the property.

So the big idea here is this whole idea of escrow is just a way for a place to collect all of the obligations of the different parties so that they can trust each other.

And then on the closing date..

And that's really the "close of escrow" because you don't need this escrow account any more.

It disburses the different things to the different parties so that the transaction is complete.

번역 0%

Escrow발음듣기

다른 번역문 등록

So the house that you're interested in is on the market asking $310,000.발음듣기

다른 번역문 등록

You offer $300,000 so you make an offer contract. You date it.발음듣기

다른 번역문 등록

You give all of the right information.발음듣기

다른 번역문 등록

You say what your offer is.발음듣기

다른 번역문 등록

You give a deposit to show that you're in ernest; that you're serious about this.발음듣기

다른 번역문 등록

But then you list your contingency.발음듣기

다른 번역문 등록

Hey look. I want to buy this house unless it doesn't pass inspection;발음듣기

다른 번역문 등록

unless I'm not able to get financing; unless I'm not going to be able to get insurance; unless the title is somehow not clear; but if all of this does happen in a favorable way, then we're going to close two months in the future.발음듣기

다른 번역문 등록

Now the seller has three options: They could accept your offer.발음듣기

다른 번역문 등록

They could say "OK, I agree to this offer contract" and then ya'll will both sign it.발음듣기

다른 번역문 등록

And you would put your signature and the seller would put their signature and so everyone agrees to this happening and your deposit will essentially be taken.발음듣기

다른 번역문 등록

And we'll talk in a second about where that deposit goes.발음듣기

다른 번역문 등록

Another option is that the seller might just outright reject your offer and say "No no no no.발음듣기

다른 번역문 등록

This is an insult. "This house has been in our family for forever.발음듣기

다른 번역문 등록

The $310,000 is my bargain basement price.발음듣기

다른 번역문 등록

I don't even want to give credit to this offer by even doing anything else."발음듣기

다른 번역문 등록

So they just reject it outright.발음듣기

다른 번역문 등록

And then the third option is that they could give a counter-offer. They say, "OK, this is close, but I'm going to issue a new "counter-offer contract where "instead of it being $300,000" now it's the seller we're talking about, "they'll say how about $305,000?발음듣기

다른 번역문 등록

Or how about fewer contingencies? Or how about a closing date that is closer "to the period we're talking about? How about "the buyer takes on more of some type of "closing costs or some other type of thing "that's actually going on?"발음듣기

다른 번역문 등록

So the seller is trying to give a counter-offer that's in some way more favorable to the seller and then the buyer might look at that and either turn it down or take it.발음듣기

다른 번역문 등록

On and on and on and on.발음듣기

다른 번역문 등록

But let's just say for the sake of this video that this offer contract is accepted.발음듣기

다른 번역문 등록

So if the offer contract is accepted then the buyer signs it. The seller signs it.발음듣기

다른 번역문 등록

And they move forward. The transaction will move forward.발음듣기

다른 번역문 등록

And this essentially releases a whole series of things that are going to go on.발음듣기

다른 번역문 등록

So let me see if I can diagram that out.발음듣기

다른 번역문 등록

So we are talking about a world where the offer is accepted.발음듣기

다른 번역문 등록

So the first thing that is going to happen is that you're going to have an opening of escrow.발음듣기

다른 번역문 등록

And I know what you're thinking: "What is escrow?"발음듣기

다른 번역문 등록

And I know you're thinking that because I remember the first time that I was in a real estate transaction and I thought that myself.발음듣기

다른 번역문 등록

This word called escrow kept popping up over and over again.발음듣기

다른 번역문 등록

And I had never seen the word until I started having to deal with this real estate transaction.발음듣기

다른 번역문 등록

And the whole idea of escrow... let me scroll this up a little bit... is if you have a buyer and a seller, and escrow actually applies beyond just real estate, but the idea becomes useful any time you're making a major transaction for something that's quite valuable.발음듣기

다른 번역문 등록

Maybe the transaction is a little bit involved so if you have a buyer and a seller you might just say you know the buyer might just say, "hey, give me the keys "to the house - give me the keys - "and then I will give you the money."발음듣기

다른 번역문 등록

But the seller might say "hey hey hey, "I'm not going to give you the keys..." and when I say keys I'm really meaning title to the house. That's actually the important thing.발음듣기

다른 번역문 등록

Locks can be changed. But give me ownership of the house and then I'm going to give you money."발음듣기

다른 번역문 등록

And then the seller says "Hey hey hey hey, "no no, this is a major asset.발음듣기

다른 번역문 등록

This is my largest asset I have.발음듣기

다른 번역문 등록

I'm not just going to give you title until I get the money first.발음듣기

다른 번역문 등록

And then the buyer says "no no no no, "This is like all the money I have.발음듣기

다른 번역문 등록

I'm not going to give you the money until I get the title to the house or until "I get ownership to the house first.발음듣기

다른 번역문 등록

And by the way I don't want to give you the money until all of this other stuff happens.발음듣기

다른 번역문 등록

Until I can inspect the house. and do all of these other things.발음듣기

다른 번역문 등록

And the seller says "Hey, I don't want to "let you get all of these strangers "into my house and inspect it unless "I know for sure that you're going to buy it."발음듣기

다른 번역문 등록

So you can see that this can be a little bit of a log jam.발음듣기

다른 번역문 등록

They want to transact, but maybe they don't trust each other.발음듣기

다른 번역문 등록

Or maybe they trust each other but they're just afraid that maybe the one person might take the title and run or that one person might take the money and run or that they might not be serious.발음듣기

다른 번역문 등록

And so what society has developed to solve this problem, and it's not just for houses it's for any major transaction.발음듣기

다른 번역문 등록

It can be for businesses or anything that could be fairly complex, is they turn to a third party: a trusted third party.발음듣기

다른 번역문 등록

Let me write this down... a trusted third party...third party... that is called the escrow agent.발음듣기

다른 번역문 등록

So this right over here is the escrow agent.발음듣기

다른 번역문 등록

And when we're talking about escrow we're talking about putting something into, I guess you could say, a third party bucket..an account.발음듣기

다른 번역문 등록

And everything is going to be placed there.발음듣기

다른 번역문 등록

The buyer is going to put all the things that they need to place there.발음듣기

다른 번역문 등록

The seller's going to place everything that they need to place there.발음듣기

다른 번역문 등록

Then the trusted third party can verify that both parties have met their obligations.발음듣기

다른 번역문 등록

Then it can give the seller what the seller what the seller needs and give the buyer what the buyer needs.발음듣기

다른 번역문 등록

And then essentially close that escrow account.발음듣기

다른 번역문 등록

So right when you start this, when we say "opening of the escrow account" that means that - so this is the escrow agent and they're essentially going to manage the escrow account...escrow...account...발음듣기

다른 번역문 등록

So as soon as the offer is accepted you open an escrow account.발음듣기

다른 번역문 등록

And that deposit that we talked about, that goes into he escrow account. So let's put that in.발음듣기

다른 번역문 등록

So that deposit, that $9,000 that was in the offer contract, that goes into the escrow account.발음듣기

다른 번역문 등록

Why is it important to get put in the escrow account?발음듣기

다른 번역문 등록

Well if you gave that deposit to the seller, well maybe the seller just cashes the check but then refuses to proceed or doesn't allow the inspector to come into the house or whatever else it might be.발음듣기

다른 번역문 등록

And so this is a way the buyer can feel sure that OK, I'm writing this check but, you know, it's just not going to disappear without me knowing about it.발음듣기

다른 번역문 등록

$9,000 is not a small amount of money.발음듣기

다른 번역문 등록

And this way the seller feels good:"OK, I trust this third party.발음듣기

다른 번역문 등록

The buyer has "in ernest put the deposit there.발음듣기

다른 번역문 등록

I know the deposit it there so now I can let the transaction proceed "I can let inspectors come into the house "feel good about it, etcetera, etcetera."발음듣기

다른 번역문 등록

And so, as we go through this period between the time that the offer was made, this two month period, and it's not always two months, and the closing date.발음듣기

다른 번역문 등록

And the closing really is the closing of the escrow account once all of the parties have met their obligations.발음듣기

다른 번역문 등록

But in that two month period all of this stuff is going to happen.발음듣기

다른 번역문 등록

And so you're going to have the inspection.발음듣기

다른 번역문 등록

So house passes inspection...passes...inspection... The financing comes through.발음듣기

다른 번역문 등록

The rest of the money for the house gets placed here.발음듣기

다른 번역문 등록

So financing... So if let's say this person is putting in 20 percent...발음듣기

다른 번역문 등록

So this was the $9k deposit... actually let me put some details here... So there's the $9k deposit.발음듣기

다른 번역문 등록

Now in order to actually have the transaction we have to have a whole $300,000 in there so let's say this buyer is going to put 20% down on the $300,000 house.발음듣기

다른 번역문 등록

So that's going to be $60,000.발음듣기

다른 번역문 등록

They've already put $9k. This deposit is usually towards the down payment.발음듣기

다른 번역문 등록

And so they'll want to put another $51k down payment...발음듣기

다른 번역문 등록

$51k down payment... And then the financing comes through so this is going to be the remaining $240,000 from the bank.발음듣기

다른 번역문 등록

And there might be some other costs on either side.발음듣기

다른 번역문 등록

So these are kind of closing costs.발음듣기

다른 번역문 등록

And we'll do whole videos on all of the different types of closing costs.발음듣기

다른 번역문 등록

But these might be paying the agents, paying the mortgage brokers, paying for the escrow services, the title services, the title search, etcetera, etcetera.발음듣기

다른 번역문 등록

So both sides are going to put in their closing costs.발음듣기

다른 번역문 등록

So from the buyer and the seller.발음듣기

다른 번역문 등록

And we could talk about in different states there might be different conventions.발음듣기

다른 번역문 등록

Or even different transactions might have different conventions for closing costs.발음듣기

다른 번역문 등록

And so on 12/15..so go all the way to 12/15..발음듣기

다른 번역문 등록

And we're assuming this is happening in 2015, you have your closing date.발음듣기

다른 번역문 등록

And so the trusted third party, this escrow agent, is going to say "OK look, the buyer has put "everything that they need to put in "in order to buy the house.발음듣기

다른 번역문 등록

The seller has "met all of their obligations.발음듣기

다른 번역문 등록

And the house has passed all of the inspection.발음듣기

다른 번역문 등록

All of these contingencies have been met.발음듣기

다른 번역문 등록

So on the closing day this trusted third party, the escrow agent, will actually disburse the money...발음듣기

다른 번역문 등록

So will actually disburse the $300,000 to the seller and will actually issue the title, which is the ownership, to the buyer.발음듣기

다른 번역문 등록

And also pay everyone else who has to be paid here.발음듣기

다른 번역문 등록

They might have to pay themselves because they're one of the services as part of this, so that will be involved in the closing costs.발음듣기

다른 번역문 등록

They might pay the mortgage broker, the agents, all of the other people who are party to this transaction.발음듣기

다른 번역문 등록

And as we've seen in the video on titles, the title is really about filing a deed with the county or with the city.발음듣기

다른 번역문 등록

So this right over here would be a deed which essentially gives the new owner, the buyer, proof that they now own the property.발음듣기

다른 번역문 등록

So the big idea here is this whole idea of escrow is just a way for a place to collect all of the obligations of the different parties so that they can trust each other.발음듣기

다른 번역문 등록

And then on the closing date..발음듣기

다른 번역문 등록

And that's really the "close of escrow" because you don't need this escrow account any more.발음듣기

다른 번역문 등록

It disburses the different things to the different parties so that the transaction is complete.발음듣기

다른 번역문 등록

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