What Is Escrow?
Escrow is a legal arrangement in which a third party temporarily holds large sums of money or property until all transaction conditions have been met.
What Is The Purpose Of Escrow?
The purpose of escrow is to protect the buyer, seller, and lender. The escrow holder works as a neutral third-party to make sure the conditions of the transaction are met before any property and money changes hands. This process ensures all fund transfers are handled securely.
What Does the Escrow Holder Do?
The escrow holder is responsible for carrying out the instructions of the parties involved in real estate transactions, which includes:
- Receive the necessary funds and documents
- Complete or obtain required forms
- Handle the final delivery of funds, documents and statements to proper parties