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What is Escrow?
Escrow is a form of buying a home in which a neutral third party holds
the documents and money until the closing activities are completed. To
open escrow, you'll make a deposit that is cashed and held in the escrow
account. Known as "acceptance of deposit," it means that you're
done house hunting. It also marks your agreement to start the loan
approval process in good faith with the goal of closing escrow. To close
escrow, all of the papers and the money are deposited with the escrow
agent within the agreed-upon time. The documents are recorded and
everyone gets the documents and money due them.
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