An Escrow account is an account maintained by an escrow company in a bank. Pretty straight forward.
The Escrow company receives payments from Buyers and Sometimes Sellers, Also from Lenders funding loans also funds paying off loans etc. etc. These funds are deposited in the account in the bank. They are called Escrow Funds. Consider them like a Trust Account.
Look at it this way, when you were a little kid, and Johnny stole you favorite pen. In retu rn, you stole Johnny's hat. an escrow account basically works as Susie. You want your pen, johnny wants his hat. You give the hat to susie, and johnny gives the pen to susie, and susie returns them both to the rightful owners. But becareful, sometimes depending on how things work, susie may run with the hat and pen!!
[addsig]
Money placed in escrow is money placed in a neutral third parties account.
Everything follows the contractual and escrow instructions. This is done by attornies,banks,title,and trust companies,
I gave my pen and hat to "Suzie" who
I later found out was Lufos in drag!.
ok, is it necessary to be a member of the bank, or more to the point- u owe a bad check fee, and arent allowed a bank account, until its paid? does this affect the payment coming after a deal?
An Escrow Account
An Escrow account is an account maintained by an escrow company in a bank. Pretty straight forward.
The Escrow company receives payments from Buyers and Sometimes Sellers, Also from Lenders funding loans also funds paying off loans etc. etc. These funds are deposited in the account in the bank. They are called Escrow Funds. Consider them like a Trust Account.
What more do you need to know?
Promptly Lucius
Look at it this way, when you were a little kid, and Johnny stole you favorite pen. In retu rn, you stole Johnny's hat. an escrow account basically works as Susie. You want your pen, johnny wants his hat. You give the hat to susie, and johnny gives the pen to susie, and susie returns them both to the rightful owners. But becareful, sometimes depending on how things work, susie may run with the hat and pen!!
[addsig]
Money placed in escrow is money placed in a neutral third parties account.
Everything follows the contractual and escrow instructions. This is done by attornies,banks,title,and trust companies,
I gave my pen and hat to "Suzie" who
I later found out was Lufos in drag!.
ok, is it necessary to be a member of the bank, or more to the point- u owe a bad check fee, and arent allowed a bank account, until its paid? does this affect the payment coming after a deal?