Escrow account
This query is : Resolved
05 January 2010
Dear All,
Can anyone tell me what is an Escrow account with a good example?
Can anyone tell me what is an Escrow account with a good example?
Jag Bhushan Sharma
(Expert)
06 January 2010
Escrow account is normally opened under the orders of a Trust or court so as to make sure that the party to the contract fulfils its part of the contract. The depositor cannot withdraw money from this account unless it carries out the job/or its part of the contract. Only on sucessful completion, Court or Trust will alllow the party to withdraw amount from that account.
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