What are escrow instructions?

Escrow instructions are a set of terms and conditions that govern the sale of residential real estate in the state of Virginia. Escrow instructions are usually prepared by a real estate lawyer and outline the steps involved in the transaction, such as arranging financing, completing a title search, and transferring ownership. The escrow instructions are an agreement between the buyer and seller, and it is important that both parties understand the documents before signing them. The instructions will explain how the closing process will be handled, such as who will be responsible for paying real estate taxes, the title search fees, and the other costs associated with the closing. Additionally, the escrow instructions will also state the date by which the seller must remove any personal property they intend to take along to their new home. The escrow instructions are a vital document in a residential real estate transaction. They provide the framework for the process and ensure that all parties involved in the transaction are protected. Having all of the details of the transaction in writing can save time and money, and prevent a lengthy legal process later on.

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What are escrow instructions?

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