NCJAR News
In observance of President's Day, the NCJAR board offices will be closed on Monday, February 17, 2025.
We will resume regular business hours on Tuesday, February 18, 2025, from 9:00 AM to 4:30 PM.
Enjoy the holiday, and we look forward to connecting with you soon!
For questins, please contact us at
For many homebuyers, the journey from signing a contract to closing on their dream home includes navigating an important step: depositing money into an escrow account. Working with a REALTOR® can make this process smoother, as they can guide you on making a strong offer while safeguarding your deposits. Here's what you need to know about escrow and earnest money.
What is Escrow?
Escrow is a financial arrangement where a neutral third party, such as an attorney or a settlement agent, holds funds until all the terms of the contract are met. For buyers, this means that the money deposited into escrow will often go toward your down payment or closing costs once the deal is finalized.
Escrow accounts can also be used to cover other costs, such as property taxes and insurance premiums, ensuring these expenses are managed seamlessly. This safety net helps protect both buyers and sellers throughout the transaction.
What is Earnest Money?
Earnest money, also known as a “good faith deposit,” is paid by the buyer to show they are serious about purchasing the home. This deposit is typically a percentage of the home’s purchase price or a fixed amount agreed upon during negotiations.
Unlike a down payment, earnest money is not applied directly to the purchase price but is held securely in an escrow account until the sale is finalized or a resolution is reached in the case of disputes.
The purpose of this deposit is to demonstrate the buyer’s commitment to the transaction and provide the seller with reassurance that the buyer intends to follow through with the purchase.
When: Tuesday, February 18, 2025
Time: 12:00 PM - 2:30 PM EST
Where: The Grove at Randolph
Are you ready to elevate your real estate game in 2025? Join us for an exclusive Brunch & Learn event with National Speaker & Trainer Steve Black!
Steve will dive into cutting-edge strategies on Simple AI, Social Media techniques, and Personal Branding that are guaranteed to help you stand out and grow your business.
What you’ll take away:
- Proven AI tools to streamline your process
The NJR® Circle of Excellence Sales Award® is a prestigious recognition honoring members who have demonstrated outstanding excellence in salesmanship. Additionally, the NJAR® Distinguished Sales Club acknowledges members who have earned the NJR® Circle of Excellence Sales Award® for ten or more years.
We are proud to celebrate the hard work and dedication of our 2024 award recipients.
Click the links below for more information:
