What is an Escrow Service?
An escrow is a financial agreement designed to protect Buyers and Sellers. An independent third party holds payment until all parties fulfill their responsibilities.
The 5-Step Process
- Agree on Terms - Buyer and seller negotiate and agree
- Buyer Pays Escrow - Funds are held securely
- Seller Delivers - Goods or services are provided
- Buyer Inspects - Review and approve
- Funds Released - Payment goes to seller