Acquiring a property in another country can sometimes be alarming for some people.
Sometimes due to a lack of advice or prevention, certain situations occur. One of them, very common, is when an individual who travels to another country finds the house of their dreams at an excellent price, but when the operation is carried out, and the funds are transferred, it happens that the agent, salesman, or developer disappears with the money that so much work costs him to gather.
Escrow is a relatively simple figure to understand. The client and the escrow agent sign a professional services contract in which the terms of the agreement are set based on the following: the amount of money to be deposited, how the agency will use the money, and under what conditions the officer is authorized to pay the price to the developer/seller. The buyer then deposits the money with the escrow agent, and when the seller/developer completes the agreed terms, the agent then delivers the money to the seller.