An Escrow Agreement is a document that outlines the intention of two parties to deposit assets with a third party. Once the terms and conditions of the contract between two counterparts are met, the third party, called an Escrow Agent, delivers indicated assets to one of them. For example, an individual wishes to purchase an apartment. To do so, they put a deposit with the Escrow Agent to make sure that before the agreement between them and the current apartment owner is signed, this real property does not change hands until obligations listed in the Escrow Agreement Form are followed through.
Since the deposit is given to a trusted and neutral third party, the purchaser does not have to worry - even if the deal falls apart, an Escrow Agreement to hold funds still commands the agent to give the money back to the buyer. The seller, in turn, can be sure that the buyer is actually interested in the property in question and will make sure the deal is done quickly.
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