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WHAT AN ESCROW COMPANY DOES FOR A PROPERTY PURCHASE
Escrow is a process that is commonly used in home purchase transactions to ensure that the transfer of ownership and funds is handled in a secure and timely manner. When a buyer and seller agree on a purchase price, they typically enter into an escrow agreement with a third-party intermediary, such as a title company or an attorney.
The buyer deposits the purchase funds into the escrow account, which is held by the third-party intermediary until all of the conditions of the sale have been met, such as completion of inspections, the transfer of the title, and any necessary repairs. Once all conditions have been satisfied, the funds are released from the escrow account to the seller and the title is transferred to the buyer.
The escrow process provides protection for both the buyer and seller by ensuring that all aspects of the transaction are completed before the funds are transferred and the ownership of the property is transferred