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 escrow group
Real Estate News for YOU:
Philadelphia Inquirer, The - Letters | Solution for contractors' fraud is escrow
September 28, 2007 -- Re "2 Bucks contractors accused of conspiracy," Sept. 13: I am a lawyer, and funds held for clients must be segregated from operating...
Australasian Business Intelligence - Sparks fly on escrow expiry.
March 18, 2007 -- Mar 18, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Deutsche Bank has sold down its holding in Australian electricity distribution...
Oakland Tribune - School site escrow closes
January 19, 2007 -- SAN BRUNO -- The San Bruno Park School District is $30 million richer, and the pool of affordable housing in the city should grow, thanks to a deal...
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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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As you search for escrow group remember we update our site regularly. Be sure you understand the terms in any legal agreement for your own protection.
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