What is an escrow and how does it work? How safe is it to use an escrow service?
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An escrow is a legal agreement involving a neutral third party that temporarily holds assets, securities, or money on behalf of two other parties until specific conditions are met. Escrow agents ensure the financial agreement between the parties involved reaches a completion. Thus, the funds or assets are only released by the escrow when the pre-determined contract or financial transaction comes to an end. This means that both the buyer and seller in a transaction must fulfill their contractual requirements before an escrow passes on the funds and assets from one party to the other. The good thing is, using an escrow service is safe, and you can take advantage of online escrows.