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What Is Escrow?
Escrow is a legal arrangement in which an asset, in this case, a deed to real property, is deposited for safekeeping in the trust of a neutral third party (escrow/closing agent) pending satisfaction of contractual contingency or condition. Once the condition has been met, the escrow agent will deliver the asset as instructed by the contract.
Although the description of Escrow sounds simple, an Escrow Agent must oversee many details in order to deliver a smooth closing.