‘Escrow’ is an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses funds and/or documents for the transacting parties, with the timing of such disbursement by the third-party dependent on the fulfilment of contractually-agreed conditions by the transacting parties.
Acts as an escrow agent, the services include:
- Holding assets (movable: cash / shares or immovable: land title documents) in escrow
- Acting in accordance with escrow agreement
- Opening and monitoring of escrow bank or demat accounts
- Ensure compliance of escrow terms by all concerned parties