Escrow Definition
Escrow
DEFINITION
An escrow agent is a neutral third party that holds money in an escrow account. The escrow account works for both the lender and the borrower. The escrow agent role is to carry out the mortgage instructions agreed upon by both buy and seller. The money is released when the agreement have been met. When the mortgage closes, the lender will require an escrow account to cover property taxes and homeowner insurance. Buyers make an initial deposit to the escrow account. This will be followed by payments every month that are added to the monthly mortgage fees. Escrow will then release money when taxes and insurance premiums are due.
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