What is Escrow?
Escrow is a contractual arrangement in which a third party brings the parties (buyers and sellers mostly) involved in a transaction together by receiving and disbursing money/property to the transacting parties after opening a trade/transaction in order to avoid both parties from being shortchanged or defrauded and making sure everyone keeps to their agreement.
Escrow serves as the neutral middleman that checkmates fraudulent schemes from either parties and updates both parties on any new development as regards the already opened transaction.
The use of escrow services makes it easier for the public at large in the entrepreneurial, financial, technology and real estate sector to operate smoothly with little or no trace of fraudulent transactions that could cause loss to either party.
Escrow receives all the necessary information concerning the transaction, ensures all instructions, terms, and conditions are followed and documents for the transactions are handled properly to close the deal smoothly and without hassle.
