deposit: Where is this Escrow place and Why is my money there?
- 08/06/14 11:10 PM
What is Escrow? When your real estate agent says that money will be “In Escrow,” do you know what they’re talking about? Escrow is an arrangement in which you pay a third party money for something and then that third party disburses it for you. Typically, some conditions must be met. Taxes and Insurance A common use of escrow is in the payment of property taxes and insurance by a homeowner’s mortgage lender. The mortgage lender collects mortgage payments monthly and included in these payments is enough money to cover the real estate taxes and property insurance. Then, when the taxes and … (1 comments)
What is Escrow?
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