What is Real Estate Escrow by BillM
Escrow is a deposit, most typically of funds and/or documents, that is held until paid out upon successful completion of the terms of the escrow instructions. Technically defined, Escrow is a legal arrangement in which a neutral third party holds an asset during the period in which the conditions of the deal is being finalized by the other two parties. In actuality it can be money, property, or really any asset of (perceived) value. It can be used to transfer, or protect, personal and business property. While the property may be business assets, or intellectual property such as software source code, escrow is most commonly associated with real estate transactions.
In real estate, escrow provides a form of mediation between all the participants in the transaction; buyers, sellers, lenders, agents, and title company. The escrow is a holding place for all funds, instructions, and documents necessary for the purchase of the home, including the buyers funds for the down payment, the lender
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