Escrow terminology

With more foreclosures and short sales, many escrow terms may seem new to you. Here is escrow terminology defined:

ESCROW

The escrow procedure, at its core, is where a neutral, trusted third party holds onto an item for sale until something happens, ususally until the buyer pays the seller. As real estate transactions have grown in complexity, so has the business of escrow. Now an escrow agent watches over all the details of the sales agreement, facilitates the transaction paperwork, and coordinates the interests of many different parties with an interest in the sale. They also make sure tha the sellr gets their proceeds, and the buyer gets their title, when all is said and done.

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