Two concurrent escrows on the same property, having the same party as buyer and seller of the property. Example: escrow 1-a buys from b. Escrow 2-a sells the same property to c, a is using c's money to buy b's property. The process is illegal in many states unless full disclosure is made.
Two separate closings on a property occurring simultaneously, as in buying and re-selling the same property at the same time. May also refer to closing on two entirely different transactions at the same time, such as buying mortgages to use as payment for buying a property at the same time.
The use of one escrow to purchase and resell a property.
An escrow to a buyer who immediately transfers the property to a second buyer.
An escrow that will close only upon the condition that a prior escrow is consummated. The second escrow is contingent upon and tied to the first escrow. While double escrow is not illegal, unless there is full and fair disclosure of the second escrow, there may be a possibility of fraud or other actionable conduct by the parties.
An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.
Two concurrent escrows on the same property, having the same buyer and seller of the property. Escrow 1 buys from escrow 2 and then sells the same property to another. This process is illegal in many states unless a full disclosure is made.