WHAT IS AN ESCROW AND WHY IS IT NEEDED?
An escrow is an arrangement in which a neutral third party called an escrow holder, holds legal documentation and funds on behalf of a buyer and seller. Escrow then distributes them according to the buyer and seller instructions. Both the buyer and the seller rely on the escrow holder to carry out faithfully their mutually consistent instructions relating to the transaction. Escrow holder is bound by law to notify both parties if the instructions given are not mutually consistent or cannot be carried out. These instructions are in the form of "Escrow Instructions", which are drawn by the Escrow Officer, and signed by the buyer and seller. Since the escrow instructions are not as detailed as the Purchase Contract, the information contained in the instructions is intended to direct the Escrow Officer in the specific steps that are to be completed through the escrow transaction.
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