What happens when a house is in escrow?
What happens when a house is in escrow?
user
Escrow is a term that refers to a process during the sale of real estate.  Typically an escrow agent handles the process of paying taxes, insurance, and other maintenance expenses associated with the sale.  A house is "in escrow" when the money from the sale is not yet released to the buyer and the seller, but is being held by the escrow agent.
assistant
So the agent is holding it for now.
user
Right.  An escrow agent is an independent third party who manages this process for the parties involved.  An agent who conducts escrow services is also known as a "closing agent".  They oversee and approve all documents and transactions associated with the escrow process, and are there to help both the buyer and the seller throughout the transaction.
assistant
That is good to know. Thank you.
user