From Contract to Closing: How Escrow Simplifies Every Deal
Buying or selling real estate could be one of the significant financial decisions of one's life. Contracting, negotiating, paying, and paperwork can all contribute to the complexity of the transaction process, and that's where escrow comes in—acting as a neutral third party to safeguard the buyer and seller in a transaction. Escrow provides a path through the process, holding funds and confirming documents, and assuring terms are met before distributing payments. What Is Escrow, and Why Does It Matter? The trusted third party holds funds or assets in escrow until the agreed-upon condition of trade has been completed. Escrow can be used in real estate transactions, online sales, and even business partnerships, so that both contracting parties have protection. Escrow offers security based on holding money until all obligations have been satisfied, while acting to prevent both fraud and/or failure to meet agreements. It gives transparency, and that transparency provides confidence...