Escrow Account Definition – Escrow Payment – Escrow System
posted July 25, 2009 - 3:05amEscrow is mostly used in buying and selling real estate especially in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage. Escrow accounts are also in good use in the transfer of high value personal and business property.
In some countries, escrow accounts are often used by lawyers during private property transactions to hold a client's money, such as the deposit, until such time as the transaction is completes.
An escrow account is thus defined as an account established by an agent or a broker for the purpose of holding funds on behalf of the agent's principal or some other person until the completion or termination of a transaction. It is also defined as a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. Follow the link below for more details on Escrow account definition – Escrow payment – Escrow system
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