Escrow Services

Escrow Agreements Defined

When an escrow agreement is called for, a third-party intermediary (such as Lake City Bank) is named escrow agent to safeguard funds or assets. When the transaction is settled satisfactorily, the escrow agent releases assets according to the agreement. Escrow agreements provide:

• Confidence that all parties meet requirements before funds are released
• Security knowing that assets are held by a trusted intermediary
• Continuity and clarity for complex or lengthy transactions

In general, all escrow agreements are the same: a signed agreement between two parties (most often a buyer and a seller), but the reasons for escrow agreements vary. Lake City Bank provides escrow services for a range of needs, including:

• Mergers and Acquisitions (M&A) or Indemnity Escrow
• Environmental Escrow
• 1031 Exchange Escrow
• Collateral Deposit Escrow
• Retainage Escrow

Our experienced Wealth Advisory Group team can help determine and administer the right escrow account for your situation.