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 oklahoma city escrow
Real Estate News for YOU:
Eagle Trace developers accused of misusing $474K; one says Ira Hatch advised him (Vero Press Journal)
Eagle Trace developers Richard F. Rendina and Stephen Siegel took $474,410 in home deposits from their company's escrow account and used it to pay subcontractors and bills, according to a Sheriff's Office complaint affidavit.
Hypo Real Estate's €35 bln bailout collapses after banks backed out from lending (Nasdaq)
(RTTNews) - Hypo Real Estate Group (HREHY.PK, HREHF.PK), a German-based property lender, said that a €35 billion government-backed rescue plan had fallen apart after private lenders withdrew support.
Market Wire - Waverley's Escrowed Shares Transfered
May 2, 2008 -- Waverley Biotech Inc. (TSX VENTURE: WVE.P) today announced that a transfer within escrow of 756,667 common shares of the Company which are subject to...
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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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