Third parties in the control of the Escrow funds
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mart
Apprentice
Joined: 08 Jul 2007
Posts: 1
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 Posted: 09/02/08 - 10:48 Post subject: |
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| I have no experience with the use of an escrow account yet, but one thing that concerns me is the fact that third parties remain in control of the escrow funds until further notice. What can happen to the funds during the period that none of the really relevant parties can access the account? |
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loren
Apprentice
Joined: 29 Oct 2004
Posts: 1
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| Posted: 09/17/08 - 04:07 Post subject: |
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| Nothing. The neutral third parties that manage escrow accounts are escrow managers. This is done by banks, and therefore there is no need that someone will disappear with your money if that is your concern. Neither of the parties to the escrow account can gain access to it until the underlying have been fulfilled, and until then the money will be safe. |
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tyne
Apprentice
Joined: 16 Aug 2006
Posts: 1
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| Posted: 10/01/08 - 21:26 Post subject: |
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| This does depend on the type of escrow account. In the United States escrow account are often set up in combination with mortgages. The escrow account sits alongside the mortgage account, and is used to pay various expenses such as insurance, which is carried out by the manager of the account. |
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