The Escrow Account is an agreement drawn up under the contractual arrangements between the two parties to carry out a transaction. An independent and trusted third party (the Bank) receives and grants funds or documents on behalf of the two parties that perform this transaction between them. The time for disbursement of funds is determined by the fulfillment of the conditions previously agreed between the two parties.
How to Get an Escrow Account
The steps to open an Escrow account vary depending on the type of account and laws in effect.