Escrow is a legal arrangement whereby a thing (often money, but sometimes other property such as art, a deed of title, or software source code) is delivered to a third party (called an escrow agent) to be held in trust pending a contingency or the fulfillment of a condition or conditions in a contract. Upon that event occurring, the escrow agent will deliver the thing to the proper recipient, otherwise the escrow agent is bound by her or his fiduciary duty to maintain the escrow account. Read more on close escrow
Real Estate News for YOU:
Market Wire - Kinbauri Gold Corp.: Funds Released From Escrow
October 22, 2008 -- Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) announces that Anglo Pacific Group PLC ("APG") is now releasing all escrowed...
Hefty pay raises in troubled times on campus (San Francisco Chronicle)
The chancellor and governing Board of Trustees of the California State University system have continued to award hefty pay raises to top administrators this year even as the university moves toward capping student enrollment and slashing campus budgets....
Market Wire - Baja Mining Closes Transaction With Korean Consortium in Escrow
June 3, 2008 -- Baja Mining Corp. (the "Company" or "Baja") (TSX: BAJ) is pleased to announce that the transaction with the consortium of Korean companies led by...
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Clay Aiken Leaving L.A. for Raleigh, N.C
Aiken listed the house in March for $2.5 million and expects to close escrow next month, the Times reported.
Escrow is not just a term for real estate. While escrow is best known in the context of real estate, escrow companies are also commonly used in the transfer of higher value properties like websites and businesses. It is even used in auction sites where two parties unknown to each other are making a transaction and there is no previous history.
In addition there can be lawyer transactions with clients that involve escrow.
Real estate agents are in some jurisdictions considered to act as escrow agents when they accept deposits for the purchase of real property.
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