Where did the escrow process start?
Buying or selling a home or property usually involves the transfer of large sums of money. The escrow process was developed for the protection of the buyer, seller and lender (mortgage company) to provide a way for money and legal documents to be safely transferred from one party to another. In some states the escrow process is a legal step necessary before a house or property can change hands. What is the escrow amount? The escrow amount is held by an escrow agent (a person or company) who acts as a neutral third party until certain conditions are met. For example, an escrow agent may hold a deposit of money until the legal title to the land can be proven. The agent may also hold the deed to property until the buyer deposits the money needed to complete the sales agreement. The conditions to be met are set forth in writing in the escrow agreement. The realtor is usually the person who gives the verbal instructions to the escrow agent and the agent drafts the agreement for review and a
