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 tucson escrow
Real Estate News for YOU:
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...
Hypo Real Estate rescue plan collapses (Deutsche Welle)
A 35 billion euro package to rescue the German mortgage lender Hypo Real Estate has collapsed after a consortium of German banks pulled out. The German government was to provide 27 billion euros towards the rescue plan that would have been the biggest in German history.
Escrows delayed under Victorville Water Department, agents say (Victorville Daily Press)
VICTORVILLE • Three-day weekends and late bills from the Victorville Water Department have stopped a multitude of homes from closing escrow on time, according to local real estate agents.
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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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