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, escrow agreements in Seattle are governed by Washington state laws, which ensure everything is above board and protects everyone involved in the transaction.
The escrow process can take anywhere from a few weeks to a couple of months, depending on how quickly you and the other party can cross your T's and dot your I's.
If the deal goes belly up, the escrow agent typically returns the deposit to the buyer, unless there's a reason to keep it, like a failure to meet agreed terms.
An escrow agent can be a title company or a trusted third party who knows the ropes of real estate transactions and helps keep everything in check.