Escrow

Escrow is an agreement concept between two person in which money or property is held by a third person or organization until a particular condition is fulfilled.

:: Origin ::
The word is derived from the Old French word "escroue", meaning a scrap of paper.

A sale transaction wherein one person (usually the seller) delivers evidence of title to a third person to be held by the escrow holder until the happening of the performance of a prescribed condition (usually deposit of funds by a buyer), when the evidence of title is then delivered to the buyer.

:: Escrow in mortgages ::
Escrow concept is used in mortgages where the mortgage provider opens an escrow account to pay insurance and real estate tax throughout the mortgage.

Escrow.com is the most popular provider of online escrow services. The company was founded in 1999 and acquired in 2015 by Freelancer.com CEO Matt Barrie.

:: Escrow Process ::
1. Buyer and Seller agree to terms
2. Buyer pays Escrow.com
3. Seller ships merchandise to Buyer
4. Buyer accepts merchandise
5. Escrow.com pays the Seller

:: Escrow.com Fees ::
While you specify delivery method for your escrow transaction, you will also have the option to specify who pays the escrow fee. For a normal transaction, you can select "Buyer", "Seller", or "50% Buyer and 50% Seller".

:: More Info ::
Fee calculator - Escrow.com