An Overview of the Escrow Account

Summary:
Whether buying or selling real estate, you will inevitably deal with an escrow account. If you are not familiar with an escrow account, here is an overview.

Article Body:
Whether buying or selling real estate, you will inevitably deal with an escrow account. If you are not familiar with an escrow account, here is an overview.

An Overview of the Escrow Account

A real estate transaction is a high dollar transaction. In fact, you will probably never make a bigger one in your life regardless of whether you are buying or selling. Given the high stakes and the fact that feelings can sometimes get ruffled on each side of the fence, the escrow account was created.

An escrow account is really a part of a larger beast known as escrow. To keep the real estate transaction running smoothly and organized, escrow is undertaken. A third party, known as the escrow agent, is retained to collect documents, money and such. Since people can be tense during transactions involving large sums of money, it is important to have a party involved that is not emotionally attached.

The escrow account is an industry term that can mean a few different things. In its strictest sense, the account is a trust account opened to hold monies deposited by the parties for appraisals, inspections and remedial work. It is also used to hold the money provided by the buyer for the purchase. This is true regardless of whether the money is submitted directly from the buyer or a mortgage lender.

In a larger sense, an escrow account refers to the total services provided by the escrow account. In addition to finances, the escrow agent will collect contracts, documentation set out in the purchase agreement and so on. In some sense, this makes the escrow agent the referee for the real estate transaction. That being said, an escrow agent does not call penalties, to wit, they will never determine that one party or the other is in the wrong. They will simply facilitate the requirements of the contract. If one party fails to comply with those requirements, the escrow will not close and lawyers typically get involved.

Escrow is standard operating procedure for nearly all real estate transactions. In the end, it is an effective way to get the transaction closed.

Baby Clothes 7 Money Saving Shopping Tips For New Parents

Perhaps the biggest problem with baby clothes is that they don’t last. Not because they wear out, but because your baby quickly out grows them.

It’s important to plan your baby clothes shopping around the growth of your baby. If you don’t, you could be wasting money.

Keep in mind these seven tips while you plan your baby clothes shopping:

1. Wear a Larger Size

People say babies grow fast, and they’re right about that. You’ll be wasting money if you buy perfect fitting clothes because they’ll soon be too small. Buying a larger size will extend the amount of time your baby can wear them.

2. Make a Weather Prediction

Stop and think for a moment about clothes labels that state size in terms of a baby’s age, such as 12 or 18 months. Then ask this question: “When my baby is X months old, what will the weather or temperature be like?” Get the answer to this question correct and you’ll buy clothes that not only fit, but also will be appropriate for the season.

3. Find Easy To Put On Outfits

Sometimes you’ll struggle to dress your baby into an outfit you want him to wear. Outfits that come in several pieces, button from behind or pull over the head may require more of your patience and time. Outfits that come in one piece, open in the front, have zippers, or snap buttons should be easier to deal with.

4. Have Enough for Emergencies

Food can drop on your baby’s clothes while you’re feeding him. If your baby becomes sick, he might throw-up on his outfit. When a messy accident occurs, you’ll need a clean set of clothes ready for your baby to wear.

5. Save at The Clearance Racks

You can save a bundle at the clearance racks. Almost every type of store has these. In addition, if you wait for a big sale you can save even more. Some stores will also markdown the clearance item further at the cash register.

6. Accept Hand Me Downs

Your family and friends may want to give you their children’s baby clothes. They may have new clothes that their baby didn’t have a chance to wear. If you decide to accept what they are willing to give, you’ll save yourself some money, especially if they have clothing you would have bought.

7. Exchange Old Clothes for Cash

Sell the clothes your baby no longer fits into on eBay. eBay is just an example. There are many other ways to trade your old clothes for cash. You may not make as much as you had originally paid for them, however, you’ll at least earn some of your money back.



If getting the most use out of the clothes you buy for your child is important to you, then the seven tips in this article should help you accomplish this. Take these ideas with you the next time you go baby clothes shopping. You’ll feel good about the clothes you buy for your baby and the money you’re going to save.