What is Escrow?

6/21/14 - An Escrow can be used for many different reasons.

An Escrow holder, sometimes referred to as a Settlement or Closing Agent, depending on what part of the country you are in, holds Written Agreements, Documents and Monies, which are only released when all terms of the Written Agreement have been complied with.

Agreements and Instructions in Escrow must be mutually agreed upon by all parties (Seller and Buyer), otherwise an Escrow Holder simply continues to hold documents and funds until mutually signed Agreements are received.

TIP: It is always best to have all agreements documented from the very beginning rather than change the agreements during the escrow. It is possible that later the Seller and Buyer may not agree on the matter which can create problems with moving forward to close the deal. This should be avoided at all costs!

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