Escrow

Escrow is a legal arrangement in which an asset (in this case, cash for the sale of a timeshare) is deposited into safe-keeping under the trust of a neutral third-party (an escrow agent) pending satisfaction of contractual contingency. An Escrow account is a third-party account which can guarantee a level of security during the timeshare sale closing process.

Monies held in Escrow can range from down payments to closing costs, to the total amount due for the purchase of the timeshare. Timeshare closing companies are generally responsible not only for preparing the necessary paperwork for transferring the property, but also for holding and transferring the money in safely and securely in Escrow. For convenience sake, you may want your timeshare closing company to also act as your escrow agent. An escrow agent might also be referred to as an escrow officer, licensed agent, escrow holder or escrow depository.