What is Escrow Agent

Escrow Agent is a trusted third-party which holds an asset or document on behalf of a first-party for delivery to beneficiary after a specified time frame or upon the occurrence of a condition or event specified in the escrow agreement.

An escrow agent may be a third party when it comes to selling a home; the third party will hold the deed in escrow until all of the terms of both the buyer and seller are met. The buyer may deposit the money for the purchase with the escrow agent, which serves to “validate” the transaction prior to last-minute closing terms.

Whether the escrow agent is a company or an individual, the purpose they serve is that of a trusted third party to transactions.

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