The Van Horns deposit funds with ABC Escrow as a requirement for the purchase of their new home. Who is the grantee and the third party, and what is the type of transaction?
This is an escrow transaction. An escrow is an arrangement where a third party (ABC Escrow) holds funds for a given transaction between other two parties.
The Van Horns are the grantees in this transaction.
The escrow is responsible for the safe keeping of the funds, in order to avoid any type of loss or fraud.
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Business, published 27.03.2023
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