What is Escrow?

Have you ever wondered why money goes into escrow during the sale of a home? Have you ever wondered what escrow even means?

Escrow is a way of making sure that money changes hands only when all the conditions of a sale have been met. An impartial third party holds onto the money during this process. Parties of the sale communicate instructions to the escrow officer who then makes sure all conditions are adhered to. This assures a safe and seamless transaction. Take a look at the infographic below to learn more about the important process of escrow!