This page may be dry as dust until someone uses a term you don't understand.
A Good Faith Deposit is the check you give your agent at the time your offer is accepted. The agent by law had 48 hours to deposit the chek in a special account (it may be held at a title company instead) until closing. The "usual" good faith is $1,000 to prove that you intend to really purchase this home.
Your closing is the day you own the house. This happens about 30 days after you have an accepted offer. In between you have inspections and the bank decides whether you are a good credit risk for their investment.
Escrow is the special account your lender (mortgage holder) creates to hold on to money in order to pay your homeowner's insurance and your taxes. These two "bills" get divided by 12 so each month your payment ghas, principle, interest, and escrow added together. The bank then pays for your insurance (that way they can be sure you have it) and taxes (they like to control this too so they know the city isn't going to reposses their home). As long as you owe on the mortgage the house isn't really yours - it belongs to the bank.
Once you have made an offer and the seller has considered the offer, whether they make a counter offer or simply accept the offer you made, you sign a line to acknowledge that you have read and accept the counter offer. Then the seller "bottom lines" the offer saying they also have a copy of the offer. They sign on the bottom line. Now the offer is official and can be sent to your lender and also to the title company.
Tips for Buying and Selling
Around Town
You Need to Know
Real Estate Terms
About Me