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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11154
Experience:  30 years as a practising solicitor.
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Who would provide an escrow service for a title deed transfer

Customer Question

Who would provide an escrow service for a title deed transfer (for a plot of land)?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

You wouldn't use an escrow service for a title transfer. The solicitor for the owner would only deliver the deed transferring the property in exchange for the purchase price and the period between settlement and registration of the title would be covered by the selling solicitor granting a letter of obligation that no deed, decree or diligence will be registered within the period of fourteen days from settlement or until earlier registration of the purchaser's title.

Happy to discuss further.
Customer: replied 3 years ago.

Thanks but doesnt quite answer the question - its not a normal sale, land is being transferred (not sold) on completion of a particular task and it is a condition of a lease. So the title deed needs to be held in escrow from the start of the lease until the task is complete.

Expert:  JGM replied 3 years ago.
There are other ways of doing this rather than escrow but if that's what you want the parties should nominate a third party independent solicitor to hold the executed deed and register it at the appropriate time.

There is no escrow company in Scotland that does anything other than source code escrow for software businesses as far as I am aware.