Where are you when you're in Escrow? Be the know with real estate lingo!
If you’re a fan of the 90s TV hit “Friends,” you’ll remember the episode where Monica and Chandler have purchased a new home, embarking as the first of their group to move away from the city. Joey is not the brightest tool in the shed and as the dialogue goes:
Chandler: Come with us. You’ll see how close it is to the city.
Joey: No, it’s not close! You said it was in Escrow? I couldn’t even find that on the map!
One has to laugh at this. One also has to say, “Don’t pull a Joey.” Below is a guide to general real estate terminology. Note that “Escrow” is a third-party account for holding documents and money related to the loan.
In all seriousness, knowing basic real estate terminology makes a world of difference from any perspective; buyer, seller, agent. Don't pull a Joey. At a very rudimentary level, do not look for "Escrow" on a map as you will not find it there. Cue in laugh track sound effect...