Think of escrow as the impartial referee of the transaction. Earnest money, loan proceeds, seller credits, and the deed all pass through escrow. Nothing changes hands until every contract obligation is satisfied — a discipline that protects both parties equally.
Key Points
Transaction Escrow
In Virginia, administered by a title & settlement company.
Ongoing Escrow
Post-closing, your lender may maintain a monthly escrow for property taxes and homeowners insurance.
The Buyer's Checklist
- Transaction Escrow
In Virginia, administered by a title & settlement company.
- Ongoing Escrow
Post-closing, your lender may maintain a monthly escrow for property taxes and homeowners insurance.