Escrow. What does it mean and why is it necessary? Well, escrow is necessary because it’s the unique process that ensures all real estate transactions between buyers and sellers are legitimate and smooth. Escrow is a neutral third party that acts as a “holding tank,” for all moneys until every term of the contract is met. So, if the escrow officer is the “middle man,” to a large transaction between a buyer and a seller (who are otherwise strangers to each other) then who gets to pick the escrow officer? Typically, the real estate agent will … (3 comments)
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