I have been wondering this for a long time. Please help.
2006-11-13 02:57:01 · 9 answers · asked by Tiffany P 2 in Business & Finance ➔ Renting & Real Estate
Escrow is a legal arrangement in which an asset (often money, but sometimes other property such as art, a deed of title, website, or software source code) is delivered to a third party (called an escrow agent) to be held in trust pending a contingency or the fulfillment of a condition or conditions in a contract such as payment of a purchase price. Upon that event occurring, the escrow agent will deliver the asset to the proper recipient, otherwise the escrow agent is bound by his or her fiduciary duty to maintain the escrow account.
2006-11-13 02:59:12 · answer #1 · answered by StereoZ 4 · 1⤊ 0⤋
Escrow Meaning
2016-10-30 11:04:38 · answer #2 · answered by bumber 4 · 0⤊ 0⤋
In Escrow
2016-12-08 17:45:19 · answer #3 · answered by pires 4 · 0⤊ 0⤋
Escrow is a neutral 3rd party to facilitate a transaction. A written list of instructions , signed by all parties involved, is provided to escrow outlining the details of the transaction.
The term "In Escrow" means an offer was accepted and the purchase process is underway but not complete. Many buyers submit what is known as a "Backup Offer" in case it falls out of escrow.
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2006-11-13 03:59:38 · answer #4 · answered by Anonymous · 4⤊ 0⤋
StereoZ is right but in the real Estate world it is the impounding of your property taxes and insurance on a monthly basis. In other words they keep 1/12 of these funds every month in an account that when these items become due they are paid. There is always the establishment of these accounts with extra funds deposited just in case any or both go up during the course of the year. Every year there is adjustments in the account where you may pay more some months just to cover any future short comings. Property taxes are almost always paid in November and December so that state and federal income taxes can be reported by the tax payer. In many states they are not late until January or February.
Hope this helps you.
2006-11-13 03:11:54 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋
It's kind of like a holding account. When I pay my house payment, part of the money goes "in escrow" for my homeowners insurance and property taxes. When my ins and taxes are due, the mortgage company takes this money out of my escrow account and make my payment.
Hope this helps!!
2006-11-13 03:06:54 · answer #6 · answered by Dolphingirl 2 · 1⤊ 0⤋
StereoZ has it right, as an example, many LARGE financial transactions involve escrow accounts, like buying a house for example.
2006-11-13 03:02:53 · answer #7 · answered by Anonymous · 0⤊ 1⤋
This Site Might Help You.
RE:
What does In Escrow mean?
I have been wondering this for a long time. Please help.
2015-08-06 19:43:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋
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2006-11-13 03:01:07 · answer #9 · answered by willjw17 1 · 0⤊ 1⤋