escrow agent

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escrow isn’t literally a place, but rather a third-party — most likely someone from the closing company, an attorney, or a title company agent. It may seem confusing, but escrow protects both the seller and the buyer, you are giving them to a third-party representative that will hold onto them until predetermined criteria are met.

If you are in the process of buying a home, you will probably hear the term “escrow” multiple times throughout the transaction—both before and after the real estate settlement itself.actually The use of a neutral third party to ensure that a transaction payment will be made to a seller on completion of items sent to a buyer.