Articles Tagged with escrow

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Some transactions are simply too large to handle with checks or other conventional means. Escrow services handled through a lawyer paymaster reduce the risks involved with transferring large sums.

At Hart David Carson LLP, we offer paymaster and escrow services to individuals and businesses throughout Illinois.

About Paymaster Services

In the course of real estate transactions, funds are held in escrow in order to keep them secure and to protect the interests of the parties involved in the transaction. The process itself is governed by many rules, but it can be broken down into some basic steps.

What Is Escrow?

In it’s most basic sense, “escrow” refers to money being held by a third party (i.e. someone apart from the buyer and the seller) during a transaction. When someone buys a property, they place funds in an escrow account, and those funds are held there until the terms of the purchase agreement are completely finalized. Funds are released and the title to the property is transferred once the parties in the transaction fulfill the terms of the agreement.

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