A TITLE INSURANCE POLICY IS A CONTRACT BETWEEN YOU AND US INSURING YOU AGAINST LOSS IN THE EVENT A TITLE DEFECT OCCURS RESULTING FROM A COVERED RISK. WHAT HAPPENS IN ESCROW?
What is an Escrow and Why is it Needed? An escrow is an arrangement in which a disinterested third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer’s and seller’s instructions. People buying and selling real estate often open an escrow for their protection and convenience. The buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain requirements. The seller can instruct the escrow holder to retain possession of the deed to the buyer until the seller’s requirements, including receipt of the purchase price, are met. Both rely on the escrow holder to carry out faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out. An escrow is convenient for the buyer and seller because both can move forward separately but simultaneously in pro
Related Questions
- A TITLE INSURANCE POLICY IS A CONTRACT BETWEEN YOU AND THE UNDERWRITER INSURING YOU AGAINST LOSS IN THE EVENT A TITLE DEFECT OCCURS RESULTING FROM A COVERED RISK HOW DO REAL ESTATE PROFESSIONALS HELP SELLERS MAKE MORE MONEY?
- A TITLE INSURANCE POLICY IS A CONTRACT BETWEEN YOU AND US INSURING YOU AGAINST LOSS IN THE EVENT A TITLE DEFECT OCCURS RESULTING FROM A COVERED RISK. WHAT HAPPENS IN ESCROW?
- Did the Covered Defect in the Covered Document Directly Cause the Claimed Loss under Insuring Agreement D & E?
