What is escrow?
Escrow is a legal arrangement whereby money, intellectual or other property is delivered to a neutral third party (called an escrow agent) to be held in trust pending the fulfillment of a contract. On completion of the contract, the escrow agent will deliver the money, intellectual or other property to the proper recipient, according to the terms of the contract. Throughout the agreement the escrow agent is bound by a fiduciary duty to maintain all accounts according to Escrow instructions.
The escrow agent is independent of both parties and protects the interests of both the buyer and the seller. The use of an escrow service eliminates or significantly reduces the risks associated with dealing with unknown parties.
Lydolph & Weierholt Title uses a dedicated client account for every escrow arrangement. The use of a secure, separate client account ensures that the funds are protected and cannot be used for any purpose other than the intended transaction. Other property in escrow, such as title deeds, is held in an equally secure environment.