How your money stays protected from contract to closing

When you’re buying a home in Cleveland, there’s a lot on the line — emotions, big decisions and a serious financial commitment. That’s exactly why escrow exists.

Escrow is a built-in safety feature that keeps your transaction secure from the moment an offer is accepted until the keys are exchanged. The National Association of REALTORS® (NAR) explains that escrow is when a neutral third-party holds funds and important documents until both buyer and seller meet all agreed-upon conditions. That ensures neither side gets burned.

Why Escrow Exists

Once a buyer and seller sign a purchase agreement, the buyer typically deposits “earnest money” into an escrow account. According to NAR’s consumer guide to escrow, this deposit stays put until inspections, financing, title work, and all written contingencies are complete. Escrow prevents funds from changing hands too early and protects both parties if something unexpected happens.

Who Manages Escrow?

Escrow is typically held by a title company or one of the brokerage companies involved. In Ohio, it is required that the money is deposited into a noninterest bearing account. The escrow holder also track deadlines and ensure documents are accurate for closing. After the deal has closed, funds are finally released — and you get the keys.

Expert Guidance Matters

As a trusted local real estate professional, I make sure every escrow step is handled correctly. When you’re making one of the biggest financial moves of your life, smooth and secure matters.