The word โ€œescrowโ€ originally comes from the Middle English word โ€œEscrowlโ€ which translates to mean โ€œscrollโ€ essentially meaning a checklist. Since time immemorial, buyers and sellers used trusted third parties to hold money, important documents and deeds until the obligations of the parties were met.

The escrow agreement is a contract entered by two or more parties under which an escrow agent is appointed to hold in escrow certain assets, documents, and/or funds deposited by such parties until a contractual condition is fulfilled.

Escrow Agent will hold the security or asset of certain worth until the conditions mentioned in the agreement are fulfilled. Escrow agents will have to completely outline the terms and conditions for all the parties participating in the agreement.

๐ป๐‘œ๐‘ค ๐ธ๐‘ ๐‘๐‘Ÿ๐‘œ๐‘ค ๐ด๐‘”๐‘Ÿ๐‘’๐‘’๐‘š๐‘’๐‘›๐‘ก๐‘  ๐‘Š๐‘œ๐‘Ÿ๐‘˜:
In an escrow agreement, one partyโ€”usually a depositorโ€”deposits funds or an asset with the escrow agent until the time that the contract is fulfilled. Once the contractual conditions are met, the escrow agent will deliver the funds or other assets to the beneficiary. Escrow agreements are commonly used in different financial transactionsโ€”especially those that involve significant funds such as real estate or annuity model Contract delivery.

๐ด๐‘› ๐‘’๐‘ ๐‘๐‘Ÿ๐‘œ๐‘ค ๐‘Ž๐‘”๐‘Ÿ๐‘’๐‘’๐‘š๐‘’๐‘›๐‘ก ๐‘›๐‘œ๐‘Ÿ๐‘š๐‘Ž๐‘™๐‘™๐‘ฆ ๐‘–๐‘›๐‘๐‘™๐‘ข๐‘‘๐‘’๐‘  ๐‘–๐‘›๐‘“๐‘œ๐‘Ÿ๐‘š๐‘Ž๐‘ก๐‘–๐‘œ๐‘› ๐‘ ๐‘ข๐‘โ„Ž ๐‘Ž๐‘ :

๐Ÿ‘‰The identity of the appointed escrow agent

๐Ÿ‘‰Definitions for any expressions pertinent to the agreement

๐Ÿ‘‰The escrow and detailed conditions for the release of these funds

๐Ÿ‘‰The acceptable use of funds by the escrow agent

๐Ÿ‘‰The duties and liabilities of the escrow agent

๐Ÿ‘‰The escrow agent’s fees and expenses

๐Ÿ‘‰The jurisdiction and venue in the event of a legal action

#realestate #security

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