Escrow Company Christian County and How Escrow Came To Be
Escrow Company Christian County: If you work in the real estate industry in Christian County, Decatur, Illinois, Montgomery County, Shelby County, Springfield, Taylorville or anywhere else in the USA then you are probably more than familiar with the term “escrow company”.
But do you know how it came to be?
“Escrow” comes from the French “escroue”. The procedure, therefore, exists as a guarantee between the seller and the buyer… Escroue was a piece of paper (or a roll of parchment) which indicated the deed a third party held until the transaction was made – so it was a sort of a third party guarantee that the seller will sell and the buyer will buy.
The 5 types of escrow services
Again, those who are working in the real estate industry are familiar with this procedure. However, not everyone knows that the escrow services do not apply only to real estate. Here are the 5 areas where you can use escrow service:
- Internet escrow. The escrow has been online ever since the internet came to be, and the first ecommerce websites began their activity. The escrow was used to establish people’s trust in online payment and online shopping.
- Banking. We use escrow in automated banking and vending equipment like the ATMs.
- Law. The escrow is used when someone has to pay a certain amount of judgment money; so they pay the total amount of the judgment to an escrow fund which is administered by the court, and then the fund further distributes the money.
- Real estate. In this field the escrow equals a certain part of the mortgage payment. Some companies require their clients to have an escrow account which pays for property taxes and hazard insurance.
- Intellectual property. The so-called source-code escrow agents hold source code of software in escrow, so the software source code is held by a third party.