Escrow

Escrow

Escrow is a word that is used in real estate transactions and other transactions where a large sum of money is involved.

To further explain what escrow is in real estate... escrow is a financial arrangement where a third party (such as the bank), holds and regulates payment of the funds required for two parties involved in a given transaction. This helps to ensure and secure the transaction by keeping the payment in a secured escrow account, which is released when ALL of the terms of an agreement are met as overseen by the escrow company.

Escrows are helpful when their is a large amount of money involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a home being built where the buyer wants confirmation of the quality of work being done before making the full payment, and the builder doesn't want to extend a massive amount of work without any assurance that he/she will not receive payment. 

Furthermore, escrow protects all parties involved in a transaction where money is involved. 


Tisa Peek Headshot
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Phone: 701-214-1188
Dated: February 11th 2019
Views: 128
About Tisa: Tisa has been in sales for sometime and comes to you with a passion for helping the client! She is o...

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Hometown Realty, Inc.
2900 E Broadway Ave. Ste. 8
Bismarck, ND
701-354-1372