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What happens to money in escrwo when sell house

 
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Janene


What happens to money in escrwo when sell house? Erminio
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    Q. What happens to the money if i sell my house?


    A standard transaction in every real estate deal is the money from the buyer goes to a lawyer. The lawyer pays the real estate broker all the commissions, pays for a mortgage balance, outstanding mortgage payments if any, property taxes up to date, utility bills up to date, pays for all of the secured loans which were taken against the equity of the house if any and of course the legal fees. Is anything is left the seller gets a certified cheque from the lawyer with the balance.

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    Q. If i sell my house for 150k and my mortgage is for 60k what happens to the money?


    Lawyer gives you gross 90K minus applicable fees and other penalties. You can then deposit it to the bank. Its clean money.

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