There are many kinds of contracts and financial transactions an escrow or holding company will handle. We at Path to Economic Liberty ONLY work with real estate types of transactions. In the normal purchase/sale process a title escrow company usually handles everything including the creation, filing and distribution of the legal documents associated with title and/or financing of the purchase.
Unfortunately for many people, there is a type of real estate transaction usually falling through the crack in the normal system. The donation of real estate or a mortgage is not a normal purchase/sale. As such these are usually handled by either an expensive attorney, the donor, or the charity. When an attorney is involved it is within their license to charge for their service AND be responsible for the liability acting as the fiduciary of the documents and funds. It’s when the expense needs to be minimized AND all parties need to be protected in the transaction that we step in.
We do none of the paperwork, but only hold funds until everything is done. We receive a copy of the original contract specifying the funds, actions requiring completion before they can be released to the charity, and a defined time period in which it must be complete or the funds are returned to you. When the process is completed or timed out, we notify both parties and disburse funds according to the directions in the original contract. If there is a conflict, funds will be held until either an agreement is made by both parties or a legal court decision has been made.
During that process, everything can be tracked and accounted for by our bank if requested.