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What is an escrow deposit?

An escrow deposit is money put down to hold a contract to purchase real estate. The deposit should be given to a 3rd party such as a realty agent to hold. When you are attempting to purchase a business, you usually put up an 'earnest money deposit' to be placed in escrow. The deposit money does not belong to the seller. The last person you want to give it to, to hold onto until closing (settlement, passing of papers) is the seller! If the deal sours and the seller has already used the money ("Oh, he told you it would go into a special fund? It did...") it may be extremely difficult to get your deposit back. Perhaps in the seller's mind he thought it was his to keep. Give it to a third party to hold! If you are buying a FSBO (for sale by owner) give it to an escrow agent, escrow title company, attorney, or you can go to the bank and set up a special escrow account. (This may vary by state law. I just tried to put a deposit into it's own escrow account and the bank will not let 'escrow' be on the account as it implied they were the escrow agent and they want no liability or part of a dispute.)


Can you told me the Meaning of cash deposit?

A cash deposit is when you take actual cash (dollars and coins) to the bank and deposit them.


What is a deed or deposit held unitl a condition is fulfilled called?

escrow


Do you need an escrow account if paying cash for a home?

no


Do you absolutely need an escrow company once the purchase has taken place?

No. There is no need for escrow if you paid cash, even if you obtained the cash by giving a note and mortgage to a lender.


What is a cash vault and safety deposit box?

what is a cash vault deposit


What is the portion of a home's purchase price paid in cash and is not part of mortage loan?

It is the deposit.


What is the difference between an escrow deposit and earnest money in a real estate transaction?

An escrow deposit is a larger sum of money held by a third party during a real estate transaction, while earnest money is a smaller deposit made by the buyer to show their commitment to the purchase.


What is a cash deposit slip?

A cash deposit slip is the same as a receipt, it is proof of your deposit, how much it is when you deposited etc.


What has the greater value 25'912 cash plus 29913 interest deposit or 18608 cash plus 37200 interest deposit?

25'912 cash plus 29913 interest deposit or 18608 cash plus 37200 interest deposit


Why contra entry passed for cash deposit and cash with drawls?

withdraw and deposit entry


What is cash deposit adjustment?

When you have cash deposit credit adjustment how do you post it to ledger account