What does it mean to conduct an “escrow closing?
Layman’s Terms: The Escrow Agent serves as the neutral “stake holder” and the communication link to all parties in the transaction. The Escrow Agent holds all documents and money until all conditions of the sale are completed, at which time the Escrow Agent will impartially carry out the written instructions given by the principals (the seller, the buyer and the lender) in the transaction. Ohio Supreme Court Definition: “An escrow in Ohio, as between grantor and grantee of real estate, is witnessed by a written instrument known as an escrow agreement, delivered by mutual consent of both parties to a third party, denominated the depositary or escrow agent, in which instrument certain conditions are imposed by both grantor and grantee, which conditions the depositary or escrow agent, by the acceptance and retention of the escrow agreement, agrees to observe and obey.” SQUIRE v. BRANCIFORTI, 131 Ohio St. 344, 2 N.E.2d 878 (1936) Ohio Revised Code Definition: Section 1349.20 (D) states: “E
