Lawyers escrow account with bank of America

rogerramjet1

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Sep 10, 2015
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Escrow, i am curious. I do not understand escrow. How does escrow safeguard my money?
My lawyer uses a bank of america escrow account.
Please explain this to me

Thanks
Thanks
 

Uzin

Bronze
Oct 26, 2005
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You send your money to your lawyer's escrow account, he waits until he receives the signed title transfer from the seller's lawyer, then after that transfers the money to the seller (or his lawyer). Your money is kind of safeguarded partly because it is not transferred to the seller before he signs the transfer.

But as mentioned in another thread your lawyer must be trustworthy otherwise he can scam you out of your money in many various ways, though a "reputable" lawyer never do that for a small condo sale.....
 

rogerramjet1

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Sep 10, 2015
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Thank you.
If i transfer to the escrow. Can my lawyer send this money to her own personal account? I just want to be clear about this, what would stop her from sending this money to herself?
 

Cdn_Gringo

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Apr 29, 2014
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I've only used an escrow account once and at the time I made the deposit I had to specify who the money was ultimately for, what the purpose of the transaction was and I had to confirm it was ok to disperse the payment on the completion of the transaction.

This may not be the way it works everywhere. The purpose of an escrow account is to safeguard against any party in the transaction making off with the money before payment is required.
 

joe

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Jan 12, 2016
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I've only used an escrow account once and at the time I made the deposit I had to specify who the money was ultimately for, what the purpose of the transaction was and I had to confirm it was ok to disperse the payment on the completion of the transaction.

This may not be the way it works everywhere. The purpose of an escrow account is to safeguard against any party in the transaction making off with the money before payment is required.

This is by far the best post on this subject i've read on this site. I could sight examples but that would take all day.
 

joe

Brain Donor!
Jan 12, 2016
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I've only used an escrow account once and at the time I made the deposit I had to specify who the money was ultimately for, what the purpose of the transaction was and I had to confirm it was ok to disperse the payment on the completion of the transaction.

This may not be the way it works everywhere. The purpose of an escrow account is to safeguard against any party in the transaction making off with the money before payment is required.

To bad you edited your post.
 

potus

Active member
Dec 27, 2015
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This is by far the best post on this subject i've read on this site. I could sight examples but that would take all day.

ESCROW Accounts are not at all regulated here as they are in the USA.........In the USA you can almost trust blindly that your money is safe........here, not at all.......many folks make a living here taking in escrow deposits on purchases and are never to be seen again.........One has to be extremely careful and only use a well recommendate Attorney with an excellent reputation and safe copies and docs of all communication.....