The escrow agreement is usually heard and often used when buying or selling properties. As an attorney in Hollywood, Florida, we will explain the basics of escrow in its simplest terms.
An escrow is a financial arrangement between two parties, usually the buyer and the seller. It is an arrangement where money or asset is held by a third party on behalf of two other parties that are in the process of completing a transaction. The third party now holds the money or asset until the contractual requirements are fulfilled.
Under the state of the law of Florida, some important rules and regulations should be followed for the escrow process. The law provides that escrow funds must be deposited with a qualified financial institution.
In addition to looking for a qualified financial institution, the law also provides for crucial regulations that are also crucial and must be followed:
- The law provides a timeframe for depositing the fund for escrow
- Completion and provision of reconciliation statement should also be implemented
- The process of making disbursements from an escrow account
The best attorney in Hollywood, Florida can guide and help parties to look for a qualified institution that can hold for the escrow funds. In case you are considering buying or selling a real estate property an escrow agreement can be the option for you.
If you are looking for the best lawyer in Hollywood, Florida that can help you in the escrow process, call THE ADVOCATE CONSULTING LAW GROUP.
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