What are escrow services?

Escrow services are a form of protection used when buying or selling a home. In New York, escrow services are provided by a third party, known as an escrow holder. The escrow holder acts as a neutral third party that will hold and manage any and all funds associated with a residential real estate transaction. The escrow holder must ensure that all parties involved in the transaction follow any agreements made before the transaction takes place, such as ensuring that the buyer and seller meet their respective obligations. The escrow holder stores important documents related to the transaction, such as the title to the property, the purchase agreement, and any other related paperwork. They make sure that all of these documents are in order and provide a secure place for them to be stored. Escrow services also ensure that the buyer pays the purchase price of the property to the seller, and the seller transfers the title of the property to the buyer. The escrow holder ensures that these funds and documents are transferred safely and according to the terms of the agreement. This provides both the buyer and the seller with peace of mind that the transaction will go through according to the terms and that their interests will be protected.

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What are escrow services?

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