2006-07-08 12:00:18 · 3 answers · asked by Gabby 2 in Home & Garden ➔ Other - Home & Garden
Usually an escrow is an account that an independant company holds money in for a client. When talking about a mortgage escrow payment, it is indeed money that is taken out of your payment for taxes. When talking about an escrow service ,with eBay for instance, it is an account that offers security to both parties in a transaction. For example, if you win an auction you pay the amount to the escrow service. The service holds the money in "escrow" ensuring that it is available to the seller, but holding it until delivery is made.
2006-07-08 12:11:08 · answer #1 · answered by ubathby 2 · 0⤊ 0⤋
A legally accepted money account with stipulations. The stipulations might be for property taxes or for the performance of a specific action. Once the stipulations have been met then money held in escrow is paid or released.
2006-07-08 19:07:28 · answer #2 · answered by Handy but Perplexed 4 · 0⤊ 0⤋
they put money towards taxes and insurance when buying a house
2006-07-08 19:03:41 · answer #3 · answered by Kookie M 5 · 0⤊ 0⤋