Holding the purchase money with a neutral party until agreed conditions are met.
With escrow, the buyer pays into an account held by a third party, often a lawyer or a bank. The money is released to the seller only when the agreed conditions are met, such as a clean search or signed transfer documents.
It protects both sides and is especially useful for buyers in the diaspora who cannot be present.
Related terms
General information about property in the FCT, not legal or tax advice. Rules, fees and processes change, so confirm the current position with AGIS, a lawyer or our team before you act.