buyer: What Happens in Escrow?
- 01/05/09 03:14 AM
WHAT HAPPENS IN ESCROW An escrow is an arrangement in which a disinterested third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller. Then distributes them according to the buyer's and sellers mutual instructions. People buying and selling real estate often open an escrow for their protection and convenience. The buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The seller can instruct the escrow holder to retain possession of the deed to the buyer until the seller's requirements, including receipt of (0 comments)