The Role of Escrow in Real Estate Transactions
Purchasing or selling a property is a significant financial transaction that involves numerous parties, legalities, and a substantial amount of money. To ensure a smooth and secure process, the real estate industry relies heavily on a mechanism known as escrow. Understanding Escrow Escrow refers to a neutral third-party entity or professional, typically an escrow officer or a title company, entrusted with holding and disbursing funds and documents during a real estate transaction. It acts as a safeguard, ensuring that all parties fulfill their obligations and that the transaction progresses smoothly. How Escrow Works Once the buyer and seller have agreed…