What is Escrow in Florida?
An escrow, sometimes referred to as a closing, is an arrangement in which an impartial third party called an escrow holder becomes the depository for all monies, instructions and documents pertaining to the transaction on behalf of a buyer and seller and/or lender after you enter into an agreement with a lender or mortgage broker to refinance your home, sign a contract to buy or sell a home or any other property. The funds are distributed and documents are recorded only in accordance with the written instructions received from the parties. Once all the terms and conditions of the written instructions of all parties have been fulfilled, and all closing conditions satisfied, the escrow is closed and the transfer of property and money is accomplished.
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