The Fundamentals of Escrow: Do You Need It?


When purchasing or selling real estate, the escrow agreement is typically discussed and utilized. As a lawyer in Hollywood, Florida, we will outline the fundamentals of escrow.

A financial agreement known as an escrow is made between two parties, often the buyer and the seller. It is a situation when a third party holds money or an asset for two other parties working to complete a transaction. Until the terms of the contract are met, the third party is now in possession of the funds or assets.

The legislation also stipulates important rules that must be followed in addition to looking for a financial institution that is qualified:

  • The statute specifies a deadline for escrow fund deposits.
  • The statute specifies a deadline for escrow fund deposits.
  • Implementing the completion and provision of the reconciliation statement
  • The act of taking money out of an escrow account.

As a realtor in Maryland, we advise parties and assist in their search for a reputable institution to retain the escrow monies. If you’re thinking about purchasing or selling real estate, an escrow agreement can be a good alternative for you. If you are planning to acquire a new house through a loan or escrow, you can talk to the team of realtors of M.D Rawls Home Group.

We are a team of professionals who provide advice and assistance in real estate services in White Marsh, Maryland. Check out the services we provide here on our website.

If you require assistance with your new home and a good and reliable home group, call us.

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