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 title examiner
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...
Fresh & Easy market in Oak Park: On hold? (The Sacramento Bee)
The Fresh & Easy Neighborhood Market chain has taken a big step toward moving into Oak Park, closing escrow last week on a vacant parcel at Broadway and 34th Street. But it's not at all clear how quickly the British-owned firm will build and open that store, along with 18 additional outlets planned for the Sacramento area and dozens more throughout Northern California. The company's push into ...
Almaden Minerals Ltd. Announces Closing of Private Placement (Marketwire via Yahoo! Finance)
Almaden Minerals Ltd.(NYSE-A: AAU) announces that it has closed in escrow a Private Placement of 86,000 Units at a price of $0.70 per Unit. Each Unit will consist of one flow-through common share and one non-flow-through common share purchase warrant entitling the holder to purchase one additional non-flow-through common share at a price of $1.00 per share for a period of 1 year from the Closing.
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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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