Escrow Services


Total Votes: 442 / Interest: 16809

Escrow is an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party e.g. Title or Escrow Company receives and disburses money or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually agreed conditions by the transacting parties, or an account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction or a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums.

 

The word derives from the Old French word escroue, meaning a scrap of paper or a roll of parchment; this indicated the deed that a third party held until a transaction was completed.