What does it mean if a property is "under escrows"?

When a property is "under escrow," it typically means that it is in the process of being sold, and the necessary funds along with the legal documents related to the sale are held by a third party in trust. This scenario occurs after an offer has been accepted but before the transaction is finalized. During this stage, inspections and paperwork are usually completed, and both parties work toward closing the deal. The escrow agent ensures that all the conditions of the sale are met before the title is transferred and the funds disbursed, making it a critical step in real estate transactions.

The other contexts provided do not accurately describe the escrow process. Renovations pertain to property enhancements rather than sales, rental availability indicates a leasing situation, and foreclosure refers specifically to a lender taking back a property due to non-payment of the mortgage, which is outside the escrow process. Thus, “under escrow” distinctly aligns with the pending sale and the holding of funds in trust.