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Escrow Services in Marquette, MI
Helpful Definition for: Escrow Services
Escrow services in Marquette are defined as an arrangement where an independent trusted third-party receives and distributes money and/or documents for two or more transacting parties, the timing being dependent on the performance by the parties on contractual provisions, or a trust account for payment of property taxes & insurance premiums by the borrower or an account legally created by a broker to hold his funds until a transaction is terminated.
Escrow services in Marquette refer to holding of money by a third-party on behalf of transacting parties. Escrow is an account different from the mortgage account. The escrow agent is solely accountable for the escrow funds and ensuring explicit usage of funds for the intended purpose. Escrow services are commonly used in the transfer of high value personal and business properties.
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