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
Yes, changes can be made, but all parties must agree to the new terms and the escrow agent should be informed to ensure everything is handled correctly.
Yes, escrow agents are typically professionals or companies that follow strict regulations and ethical guidelines. It’s wise to pick reputable agents with good reviews.
If conditions aren't met, the escrow agent will follow the terms laid out in the agreement, which may involve returning the funds to the buyer or taking further steps as outlined.
Using escrow adds a layer of security to your transaction, helps manage funds, ensures that all parties meet their obligations, and reduces the chances of disputes.
Escrow agreements are commonly used by buyers and sellers in real estate deals, but also by lenders and investors to safeguard their transactions.