What does it mean to "escrow" something?
Posted by Daniel Beer on Sunday, June 20, 2010 at 7:35 PM By Daniel Beer / June 20, 2010 Comment
Question by Heather S: What does it mean to "escrow" something?
An example: My husband and I are going to look at a house that needs a new roof. Our agent said that we can "escrow" the roof. Which meaning of escrow is she talking about?
The roof needs to replaced ASAP so waiting for that 8,000 form Uncle Sam-while it s nice thought-we can't wait if we do buy it
Answer by buz
Assuming that the seller is going to fix/replace the roof, part of the sale proceeds from the house will be placed in escrow - meaning that the seller won't get it until the work is completed
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