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
Look for an escrow agent who has a solid reputation. Think of it like choosing a trustworthy friend — you want someone who’s reliable and knows their stuff!
Changing the terms after signing can be tricky. It's like trying to change a tire while the car is still going. It’s best to discuss options with the escrow agent or legal advisor.
Absolutely! Using an escrow agreement is a safe way to ensure that neither party gets left high and dry — everyone gets their fair shake.
If the deal goes south, the escrow agent will follow the rules laid out in the agreement and return the funds to the appropriate party, like untangling a knot in a string.
Usually, it's a trio of folks: the buyer, the seller, and the escrow agent. Think of the escrow agent as the referee who makes sure everyone plays by the rules.