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 premier escrow
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Lucia Mar finalizes purchase of Oceano center (Arroyo Grande Times Press Recorder)
The Lucia Mar Unified School District is the official owner of the Oceano Community Center. The district closed escrow on the $1.7 million property this week, essentially assuring the embattled center’s future for years to come.
It’s official: Oceano center belongs to Lucia Mar (The San Luis Obispo Tribune)
Escrow closed this week on Lucia Mar Unified School District’s purchase of the Oceano Community Center. The district paid $1.7 million for the 2-year-old recreation center, which covers the remaining balance of the construction loan. The cost to build the center was almost $4 million, which was partially funded by grants.
Bellingham Business Journal - Church joins First American Title and Escrow
June 1, 2008 -- [ILLUSTRATION OMITTED] Dee Ryan Church has joined First American Title and Escrow as a senior escrow officer. Dee has more than 28 years'...
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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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