How an Escrow Account Works

An escrow account holds funds that are deposited for a specific purpose (to pay for a required repair, for example). The funds are held by an escorw agent - often an attorney representing either the buyer or seller. The escrow agent is only allowed to disburse the funds in accordance with the provisions of a written document or with the consent of all parties to the transaction.

More Real Estate Related Terms

- Counselors of Real Estate - Designations - Development - Development - Leisure / Recreation - Development - Not Limited

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