What is escrow? One of those interesting terms to cut your teeth on in the world of property acquisition – escrow is something you may need to familiarize yourself with as you approach buying your first home!
So really, what is escrow? In the simplest of terms, escrow is a financial instrument held by a third party on behalf of the other two parties in a transaction, according to Investopedia. Confused?
If you’re baffled by the definition and more of a visual learner, you’re in luck. First American has come up with an all-inclusive explanatory infographic meant for explaining away the complexities of all things escrow.
Image via First American Title
Source: https://www.pinterest.com/pin/121808364899220785/, http://www.investopedia.com/terms/e/escrow.asp