An escrow is the deposit of a written instrument or something of value with a third person with instructions to deliver it to another when a stated condition is performed or a specified event occurs. The use of an escrow is most common in real estate sales transactions
An escrow agent is like a referee in a game. They manage the escrow account, ensuring that all parties play by the rules and everything goes smoothly until the deal is done.
Once the escrow kicks off, it can be tricky to back out. It’s best to think things through before signing on the dotted line to avoid any sticky situations.
There can be hiccups along the way, such as missing documents or issues with financing. Think of it as traffic on the road, sometimes you just have to wait it out.
It typically takes a few weeks, but like waiting for cookies to bake, it varies. Patience is key as everyone completes their tasks!
Think of it as a shield. An escrow agreement protects both the buyer and the seller by making sure that all conditions are met before the deal is sealed.