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
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Interesting Questions
Keep an eye out for clear terms. Make sure it explains what happens if something goes awry, how disputes are handled, and the timeline for the release of funds and documents.
It can vary, but usually, it takes around 30 to 60 days. It all depends on how smoothly everything rolls along and if all the paperwork is in order.
If troubles pop up, the escrow agent steps in to sort things out. They’ll make sure everyone plays by the rules and find the best way forward.
An escrow agreement is like a safety net in a real estate deal. It means a neutral third party holds the funds and documents until everything is settled and both parties are happy.