New Jersey real estate lawyer Christine Matus (https://matuslaw.com/how-escrow-works/) of The Matus Law Group recently published an informative article about "How Escrow Works" to provide valuable insight into the home-buying process. The article is a helpful resource for first-time homebuyers and others who are navigating the complexities of purchasing a property. By explaining the role of escrow in the transaction, attorney Christine Matus aims to clarify the process for potential buyers and sellers.
As a New Jersey real estate lawyer, Christine Matus emphasizes the importance of understanding each stage of the home-buying process. In her article, she focuses on the period after the seller accepts the buyer's offer, which involves placing money into an escrow account. This account is managed by a neutral third party who does not represent the buyer or the seller, safeguarding the money until the real estate deal is successful.
According to New Jersey real estate lawyer Christine Matus, "Because of the duration of the transaction, it is unrealistic to expect that no money should be exchanged or even put forth during this time. Think of escrow as a way to split the difference. The seller isn't receiving money, but you aren't holding onto it either." She further explains the role of escrow in providing financial security for both parties while the buyer awaits final approval from their lender.
The article also delves into escrow disbursement, which involves allocating funds held in escrow to cover expenses such as homeowners insurance, property taxes, and other related costs. In New Jersey, it is common for lenders to require borrowers to deposit funds into an escrow account either during or after the closing of a property transaction or when property expenses need to be settled.
Real estate attorney Christine Matus explains the responsibilities of escrow agents: "These escrow agents bear the responsibility of distributing funds from the escrow account according to their designated purposes. They are strictly prohibited from using the escrow funds for any purpose other than their intended use." She goes on to emphasize the importance of adhering to written disbursement instructions and the potential legal consequences of failing to comply with the agreed-upon terms.
The Matus Law Group aims to provide professional legal services while keeping clients informed throughout the home-buying process. As Christine Matus states, "Buying or selling a home is a momentous occasion in your life. We want you to enjoy this time, so allow us to protect your interests." By releasing articles such as "How Escrow Works," the firm demonstrates its commitment to educating and supporting clients in their real estate transactions.
About The Matus Law Group:
The Matus Law Group is a team of experienced attorneys who are dedicated to providing professional legal services in the area of real estate law. With a focus on keeping clients informed throughout the home-buying process, the firm is committed to protecting their interests and helping them navigate the complex world of real estate transactions. The Matus Law Group prides itself on its client-centered approach, ensuring that each client receives personalized attention and guidance every step of the way.
The Matus Law Group
Christine L Matus
125 Half Mile Rd #201A