Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Double escrow is a system that is majorly used for flipping real estate units or properties and means a simultaneous closing of property contracts for the same unit with two different buyers at the same or different prices. If any buyer defaults, then everybody will default on the transaction at hand.
This means two escrows taking place for the same real estate unit and property. This may have the same party as the seller and buyer of the property as well. However, this system is deemed illegal in several parts of the world and many states or regions as well.
