Could someone explain what an escrow service is? and in what instances would one use one....thanks Dianne
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Could someone explain what an escrow service is? and in what instances would one use one....thanks Dianne
This may help :
Escrow is a legal arrangement whereby a thing (often money, but sometimes other property such as art, a deed of title, or software source code) is delivered to a third party (called an escrow agent) to be held in trust pending a contingency or the fulfillment of a condition or conditions in a contract. Upon that event occurring, the escrow agent will deliver the thing to the proper recipient, otherwise the escrow agent is bound by her or his fiduciary duty to maintain the escrow account.
Real estate agents are in some jurisdictions considered to act as escrow agents when they accept deposits for the purchase of real property.
Software source code escrow agents hold source code in escrow in the event that the creator of the source code refuses or is unable to release the source code to the user of specialised software if that software no longer functions or in certain other events.
The word "escrow" is derived from the Middle English word "escrowl", meaning "scroll".
I need new glasses! I read it ESCORT!
You mind was just in the gutter!Quote:
Originally Posted by greylog
No . that's right . You give the money to the escort and if you don't get the goods or service you ask for your money back .
ever bought a house in the usa? Escrow is where all the funds are put and then all the legal paperwork and the items petinent to the sale are kept.
Usually the title company is also the escrow company.
The money is released thru escrow when the deal is complete.
Ebay has an escrow service as well. When someone buys something the money is sent to the third party escrow service. the item is shipped, when the buyers says he is satisfied with the purchase the money is released to the seller.
sounds good anyway. any one else thought of this too.