What is escrow?

What is escrow?

Escrow is one of those phrases the professionals use to mystify consumers. It is a fluid term with several meanings. The most common are:

  • A generic term for the entire closing process
  • An agreement to hold funds/documents until certain events have occurred (e.g. we will hold funds “in escrow” until the Seller removes the junk car from the backyard.)
  • an agreement to hold deposit for a specific use (e.g. we will “escrow” $150/month for payment of future taxes.)

Don’t let your eyes glaze over when people start throwing around the word “escrow” — look them straight in the eye and ask them what they mean.

By |2018-06-04T16:09:40+00:00June 4th, 2018|

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ainal.meiExpertoNiamul Islam