An escrow is: an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually-agreed conditions by the transacting parties, or an account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower’s name to pay obligations such as property taxes and insurance premiums.
© 2018 BHHS Affiliates, LLC. An independently owned and operated franchisee of BHHS Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.®. Equal Housing Opportunity.
© Copyright 2005 – 2018 – Berkshire Hathaway HomeServices – The Holm Group | All Rights Reservedrved