 OT: stupid question, Escrow? |
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| SirAndy |
  May 23 2008, 05:25 PM
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Resident German  Group: Admin Posts: 41,688 Joined: 21-January 03 From: Oakland, Kalifornia Member No.: 179 Region Association: Northern California  |
How exactly does Escrow work? (IMG:style_emoticons/default/idea.gif) from what i gather, the escrow company is kinda like a Notary with a Bank and i put in the funds and they'll hold them until certain terms in the sales contract are fulfilled and then release the funds to the seller ... am i close? (IMG:style_emoticons/default/shades.gif) Andy |
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| Pat Garvey |
May 23 2008, 06:37 PM
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Do I or don't I...........? Group: Members Posts: 5,899 Joined: 24-March 06 From: SE PA, near Philly Member No.: 5,765 Region Association: North East States |
Well, an escrow agreement is definitely NOT limited to real estate, liquor license agreements. An escrow agreement is a bond. You, by abiding by the agreement, have stated that you will pay a sum upon agreement of terms.
Yes, the agent is a third party, and they do collect a fee (though it's usually nominal). Escrow can be used for real estate, tax, liscense, fines (don't ask how I know about this one). You place a certain amount of funds with an agent, guaranteeing they are available to complete the transaction. Once all the terms have been met, you ask the agent (in writing) to release the funds. Deal done. It's actually a pretty simple & inexpensive process. Everyone goes home happy. Pat |
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Posts in this topic
SirAndy OT: stupid question, Escrow? May 23 2008, 05:25 PM
race914
How exactly does Escrow work? :idea:
from what... May 23 2008, 05:34 PM HeavyHeavy More or less. It depends a little on the context.... May 23 2008, 05:36 PM sww914 Yes. They're the impartial money holders. Afte... May 23 2008, 05:36 PM TROJANMAN My uncle in Nigeria has an escrow company that com... May 23 2008, 05:49 PM SirAndy not for real estate ...
i'm buying the liquor... May 23 2008, 06:21 PM
ericread
not for real estate ...
i'm buying the liquo... May 23 2008, 06:37 PM HeavyHeavy I'm sure it's the same concept then. The ... May 23 2008, 06:34 PM rhodyguy the escrow co should provide info as to any liens.... May 23 2008, 10:49 PM DNHunt Just my opinion, If you are buying a business get ... May 24 2008, 08:05 AM Cap'n Krusty Escrow protects both the buyer and the seller. If... May 24 2008, 12:08 PM kwales And escrow says you are serious enough about the t... May 24 2008, 12:12 PM SirAndy yes, i do have an attorney. i just wanted to make ... May 24 2008, 02:38 PM yellow914 in a business escrow it is typically handled by an... May 24 2008, 10:44 PM |
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