Double escrow
Okay kiddo, let's talk about double escrow! Imagine you and your friend both want to buy the same toy. You both give your money to your mom, who acts like a referee, so that nobody cheats. This is called escrow.
Now, let's say your mom is a really careful referee and she wants to make sure that everything is super fair. She decides to use two referees - one to make sure that you get the toy and one to make sure that your friend gets the toy. This is called double escrow.
The first referee still takes your money and the second referee still takes your friend's money. But, they communicate with each other to make sure that everyone is happy. If you or your friend changes your mind, the referees give the money back to you. But, if both of you still want the toy, one of the referees gives the toy to you and the other referee gives the money to your friend.
So, to summarize, double escrow is when two referees are used to make sure that a transaction is fair and all parties involved are satisfied.
Now, let's say your mom is a really careful referee and she wants to make sure that everything is super fair. She decides to use two referees - one to make sure that you get the toy and one to make sure that your friend gets the toy. This is called double escrow.
The first referee still takes your money and the second referee still takes your friend's money. But, they communicate with each other to make sure that everyone is happy. If you or your friend changes your mind, the referees give the money back to you. But, if both of you still want the toy, one of the referees gives the toy to you and the other referee gives the money to your friend.
So, to summarize, double escrow is when two referees are used to make sure that a transaction is fair and all parties involved are satisfied.