3 Ways to Protect Your Escrow Deposit (FIRST)

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1. Get to know the property

Every house, no matter if it’s a 100-year-old Victorian or a modern marvel, should have some type of inspection before it’s sold. Your contract should include a “contingency” for such an inspection, to protect you from unwittingly buying a money pit.In an older home, the inspector will look at the foundation, the roof, and everything in between. You can have specialized inspectors go to the property as well, such as a heating ventilation and air conditioning (HVAC) specialist, a pool inspector, a termite inspector, or a structural engineer if the property merits it.Even in a new condo, you’ll want to inspect the interior systems.Should the inspection uncover some problems, it’s time to decide if you can live with them or not. Inspection contingencies are often so general that the buyer can get out of the contract and have their full deposit returned. Some call it the “cold feet” contingency, because sometimes buyers walk after the inspection, even if there weren’t major issues.