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I just asked my agent about this and he said in our case, the seller's attorney's escrow account, but is the escrow holder decided by state law or by whatever the seller chooses? I just want to be clear, under no circumstances is an escrow check to be made out directly to an individual (and definitely not the seller), right?
I also saw someone on here mention to another user to add a statement that funds can't be released from escrow until closing. I'm confused. I thought that with an escrow account, no money in it can be used by anyone until closing happens by default?
Lastly, I've never gotten a cashier's/certified (are they different?) check from my bank before. While I know it's more "legit" to the person you're making it out to since the bank is guaranteeing the funds are available, is there any difference from a personal check in terms of how you're protected if something happens to it?
Sorry for coming on here so much. Since this is my first time buying a home, I'm very protective of my money and want to be sure that I'm getting second, third, fourth opinions and feedback on every part of this process so I don't end up in a sticky situation and I'm finding a lot of good threads that kind of help but the situations aren't all the same.
Last edited by cyberphonics; 05-10-2012 at 12:27 PM..
Since this is my first time buying a home, I'm very protective of my money and want to be sure that I'm getting second, third, fourth opinions and feedback on every part of this process so I don't end up in a sticky situation and I'm finding a lot of good threads that kind of help but the situations aren't all the same.
If you don't already have RE attorney to represent your interests...
NOW is the time to find one. Do not sign any sales contracts until that RE attorney has approved.
Thanks! I already have an attorney. With all the horror stories I hear from other first time homebuyers about the suspicious practices of the people they worked with or misinformation they received or other issues they had because they just listened to whatever they were told without ever asking anyone else or doing any research on their own, I figure it can't hurt to try to avoid some of those mistakes.
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