Escrow – Snohomish Escrow
Snohomish Escrow is a division of the Gourley Law Group, providing real estate closing services since 1991. Our escrow closers have experience in a wide variety of transactions, including business sales with or without real property. We also have extensive experience with the unique problems encountered when dealing with mobile homes.
Offering competitive rates and backed by our team of experienced real estate escrow attorneys, we can often resolve problems quickly and efficiently. Our legal team gives you the advantage title companies can’t match.
We offer closing services for a variety of purchases, including
- residential real estate,
- commercial real estate,
- land procurement,
- business acquisition,
- Indian property,
- mobile homes,
- true escrow (holding funds for construction projects and international deliveries), and
- vehicles (typically show cars and rare collector items).
Escrow – Defined
Escrow is the legal process of funds being held by a third party, usually called an escrow agent, as part of a sale or business transaction. These funds are held for the purpose of demonstrating the availability of funds required to complete the deal.
Escrow is a term commonly referred to in real estate. When purchasing a property, money may be held in escrow, in lieu of a certified cashier’s check, for the purpose of providing a required deposit or down payment. It can also refer to the account that money is deposited into on a regular basis, often as part of a mortgage payment, to ensure funds are available for regular insurance or tax payments.
Escrow is also used in sales and other business dealings, to protect against risk of fraud or non-payment. An escrow agent may hold the funds for a large construction project, expensive art collection, or rare collector’s item. The parties involved will agree to the terms of an agreement and when both parties have fulfilled their obligations, the escrow funds will be released according to the terms of that agreement.
Whether it be an escrow agreement in real estate or other business venture, there are a few key components that must be included:
- Escrow agent’s identity
- Amount or value of the escrow funds
- Responsibilities and liabilities of the agent
- Acceptable usage of escrow funds by the appointed agent
- Related escrow fees
- Detailed circumstances required for the release of the funds
- Specified course of action in the event of legal action
It is wise to consult an escrow accounts lawyer to review any escrow agreement and ensure your interests are protected.
If your real estate or business dealings require an escrow agent or agreement, contact the Gourley Law Group at (360) 323-2885 to schedule a consultation with our expert escrow accounts lawyers.
Call Now For Expert Assistance