NAICS Code 523991-05 - Escrow Service

Marketing Level - NAICS 8-Digit

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NAICS Code 523991-05 Description (8-Digit)

Escrow service is a type of trust, fiduciary, and custody activity that involves a third party holding funds or assets on behalf of two other parties involved in a transaction. The third party, known as the escrow agent, is responsible for ensuring that the terms and conditions of the transaction are met before releasing the funds or assets to the appropriate party. Escrow services are commonly used in real estate transactions, but can also be used in other types of transactions such as mergers and acquisitions, intellectual property transfers, and online purchases.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523991 page

Tools

Tools commonly used in the Escrow Service industry for day-to-day tasks and operations.

  • Escrow software platforms
  • Digital signature software
  • Secure file sharing platforms
  • Payment processing software
  • Fraud detection software
  • Compliance management software
  • Customer relationship management (CRM) software
  • Document management software
  • Electronic notary services
  • Secure communication tools

Industry Examples of Escrow Service

Common products and services typical of NAICS Code 523991-05, illustrating the main business activities and contributions to the market.

  • Real estate escrow services
  • Online marketplace escrow services
  • Mergers and acquisitions escrow services
  • Intellectual property escrow services
  • Legal settlement escrow services
  • Domain name escrow services
  • Vehicle purchase escrow services
  • Business sale escrow services
  • Crowdfunding escrow services
  • Software license escrow services

History

A concise historical narrative of NAICS Code 523991-05 covering global milestones and recent developments within the United States.

  • The Escrow Service industry has been around for centuries, with the first recorded use of escrow dating back to the Middle Ages in Europe. During this time, escrow was used to facilitate the sale of land and livestock, with a third party holding the funds until the transaction was completed. In the United States, the use of escrow became more widespread in the early 20th century, particularly in the real estate industry. Escrow services have since expanded to include a variety of transactions, such as online purchases and mergers and acquisitions. In recent years, the industry has seen advancements in technology, with the use of blockchain and smart contracts to facilitate secure and efficient transactions.