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What is an Escrow Account?

An escrow account refers to the financial instrument, managed by a third party, holding in escrow various funds (see above) involved in a real estate transaction. While the home is in contract, the account usually holds a buyer’s initial deposit on the home. After the sale closes, an escrow account might hold a homeowner’s property taxes, mortgage insurance and homeowners insurance premiums. Some lenders require mortgage-holders to have these accounts, to make sure that certain bills are paid on time.


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Harry Brook
Harry Brook
21 jul 2023

An escrow account is a secure and neutral financial arrangement where a third party holds funds or assets on behalf of two parties involved in a transaction. It acts as a safeguard to ensure that both parties fulfill their obligations before the funds or assets are released.


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An escrow account is a financial arrangement where a third party holds and manages funds or assets on behalf of two parties involved in a transaction.

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