What is escrow?
An Escrow Company acts as an intermediary to your transaction. As an independent third party, they hold funds in escrow pursuant to the terms of your escrow agreement. The escrow service allows you to securely settle your transaction once it has closed. They disburse your funds quickly and securely according to your written instructions.
What kind of information must I provide in order to establish an escrow account?
It requires basic identifying information from the entity or individual who opens an escrow account with our company. They will need to verify the name, physical address, date of birth or formation, and tax identification number. They may also require copies of photo IDs and business formation records.
What is the benefit of escrowing funds for a transaction?
The process assures buyer and seller that their funds are held securely pending satisfaction of the provisions of a purchase and sale agreement. Sellers have the added assurance that the buyer has verifiable and available funds to consummate a transaction.