Escrow Accounts and The Closing Process Escrow accounts are an essential part of the closing process in real estate. A contract may require the buyer to provide an earnest money deposit as to show the seller their sincerity in purchasing a property. To start, the escrow account holds fund in an account established by a closing agent or attorney, and then funds are then disbursed

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What exactly is escrow? Here’s a Definition. The basics of escrow are fairly simple. By definition, escrow is a term that describes the neutral third-party handling of funds, documents, and tasks specific to a settlement. Initially, the real estate purchase agreement or sale contract outlines this party. Escrow funds are held until conditions have been met per the sales agreement. Starting Off: The Key Players

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