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Escrow

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Escrow
Funds paid by one party to another (the escrow Agent) to hold until the occurrence of a specific event, after which the funds are released to a designated individual.
    
The money is held in a Trust fund, provided by the lender for the buyer. Documents, Real Estate, money, or securities deposited with a neutral third party (the escrow Agent) to be delivered upon fulfillment of certain conditions, as established in a written agreement is called escrow or in other words it is an account held by the lender into which a homeowner pays money for taxes and insurance.
    
Escrow is best known in the United States in the context of Real Estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property Tax and insurance during the term of the mortgage). Escrow companies are also commonly used in the transfer of High value personal and business property, like websites and businesses, and in the completion of person-to-person remote auctions.  In the UK escrow accounts are often used during private property transactions to hold solicitors' client's money, such as the Deposit, until such time as the transaction completes. Some solicitors landed in trouble when they used this money as a loan.
Posted by  LISA Life Insurance Settlement Association
 
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