Escrow

Escrow

A sale transaction wherein one person (usually the seller) delivers evidence of title to a third person to be held by the escrow holder until the happening of the performance of a prescribed condition (usually deposit of funds by a buyer), when the evidence of title is then delivered to the buyer.


:: Escrow in mortgages ::
Escrow concept is used in mortgages where the mortgage provider opens an escrow account to pay insurance and real estate tax throughout the mortgage.

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