It’s simply an arrangement where a third party – such as a title insurance company or a lawyer – holds money or documents and distributes them according to instructions from both parties.
In a commercial real estate transaction, for example, the escrow agent may obtain funds and documents from the buyer, the seller, and the commercial lender. When everything is ready, the escrow agents make sure the money and papers wind up in the right hands. Escrow agents make transactions flow smoothly and reliably.
State Law Center
|
Legal Resource Directory
|
Legal Articles
|
Insurance Advice and Quotes
|
FreeAdvice Answers
|
Community Forums
