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Otherwise, whether legal or not, a double escrow may not be physically possible. By definition, both escrows must close on the same day, or it is not "double" escrow but two single escrows. The second sale cannot close until the deed from the first sale is recorded, which means the deed must be recorded on the same day that both closings happen.
Escrow is an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usually property taxes and insurance. The escrow agent has the duty to properly account for the escrow funds and ensure that usage of funds is explicitly for the purpose intended.
The mechanics of a double closing vary, depending on who the buyer and seller are, who is providing the financing, and who is conducting the closing. In the simplest form of double closing, the purchaser would pay the purchase monies to the middleman and they would complete a settlement statement for their transaction. The purchaser would have ...
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The term "escrow" refers to a type of legal holding account. In real estate, escrow is typically used for two reasons: to protect a buyers' home deposit to ensure that money is available based on ...
People use the escrow process in the international trade, stock market and, most commonly, real estate arenas. Prospective homeowners go through the escrow process when they close on the sale of a...
In a complicated legal strategy known as a double-escrow, the trust bought the land, and during the few minutes they owned the land, they applied a highly restrictive conservation easement on the property. The easement significantly reduced the property's value.
While escrow insurance is a commonly used term, it is actually not an insurance policy. It is a legal holding account that temporarily retains and distributes payments for property tax, insurance ...
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