Escrow is when a neutral third party holds money or documents until everyone meets the agreed conditions.
Escrow is an arrangement in which a third party holds funds or documents on behalf of transacting parties, releasing them once specified conditions are satisfied.
Escrow protects both buyer and seller during a transaction and may also be used to hold funds for taxes or insurance on some loans.
Earnest money on a land purchase may sit in escrow until closing.
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