2007-06-16 10:58:59 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
An escrow service or account is a third party that holds money and/or other items involved in a contract until all terms of the contract have been met. Two of the most common uses are in closing the sale of a house or holding funds paid to a mortgage company for the payment of taxes and insurance, but it could be used for just about anything.
2007-06-16 11:04:58 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
An escrow account is an account in which money is deposited for future expenses. One common usage is with a mortgage - the lender often adds an amount to the mortgage payment to cover insurance and property taxes. This money is deposited "into escrow" and when the bills come in, the lender pays them from that account.
2007-06-16 11:04:18 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Depositing of funds for the sale of Real Estate property. This is the money you give to your Real Estate agent when purchasing a home or real estate property, The agent then deposits the money into a escrow account at a bank.
2007-06-16 11:10:13 · answer #3 · answered by Janice 10 7 · 0⤊ 0⤋
ESCROW: a million) The deposit of units and money with a third impartial occasion with training to accomplish the provisions of an settlement or settlement. an entire escrow is one wherein each and every thing has been deposited to enable ending up the educational. 2) The impartial third occasion who holds deeds or different archives pursuant to training for transport upon crowning glory or prevalence of specific circumstances.
2016-10-17 12:04:16 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Escrow is an account in which a third-party holds money on your behalf, i.e. it's your money.
2007-06-16 11:05:37 · answer #5 · answered by Justin 3 · 0⤊ 0⤋