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Where does YOUR down payment go?

By December 15, 2023Industry, Local1 min read

There are a lot of fees and commissions home buyers need to pay throughout the process of buying their dream house. Not to mention it is extra stressful and confusing for first-time home buyers.

We are Pun and Associates, an experienced real estate law firm that has ensured stress-free real estate transactions for countless clients. Today, we want to tell you more about your down payment.

Have you ever wondered where your down payment goes? We get asked this question a lot. After all, this is a large amount of money.

A lot of people think their deposit goes directly to the seller’s bank account. Actually, that deposit will be held by the seller’s attorney in his or her escrow account until closing. Essentially, the Seller’s attorney will act as escrow agent for the parties and hold the deposit and key documents until certain conditions are fulfilled.

We hope this article and the video above are helpful to you. Check out our YouTube channel, and feel free to give P&A a call if you have any questions regarding real estate transactions. We look forward to hearing from you.