Real Estate Escrow Account
Escrow is a financial custodial service granted by an impartial third party, for the purpose of maintaining, regulating, and protecting the payment(s) agreed by two or more parties within a transaction, usually real estate.
The legal viability of the escrow is obtained through an agreement of wills specifying and enunciating the scope, limitations, and function of the parties involved including the agent escrow himself, who will serve as the guarantor and depositary of the asset.
Escrow advantage
- Guarantee the impartial protection of a deposit whose quality represents an offer of seriousness in any purchase process, especially real estate purchases.
- Immediacy in the arrangement of the deposit.
- Guarantees a fair, equitable, and legal return or compensation in the event that the operation is not carried out, since the escrow agent can only dispose of the security deposit by agreement between the parties concerned or by judicial resolution.
- The novel figure, legally valid, transparent, and reliable because its instrumentation is done through the formalization of instruments.
El escrow ha revolucionado la compraventa inmobiliaria, pues garantiza que, en caso de no celebrarse el contrato, ambas partes puedan llegar a un acuerdo para hacer efectivos los incumplimientos generados, reduciendo así los riesgos que siempre existen previos a la adquisición de un inmueble.
