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Time when a licensed broker commingle property management money with sales escrow account is when the brokerage maintains less than seven single family residential units.
The escrow process occurs in between the time which a seller accepts an offer to purchase and the buyer is in position to take possession of the home.
The first part of the escrow process is of getting the account open in which deposits and any other payments could be held.
The buyer should wait for bank approval and secure financing after this get the inspections completed, purchase hazard insurance, do walk-throughs, and get through closing.
The buyer may walk away from the agreement if conditions of the escrow process are not met or there is a problem with the property.
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