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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Escrow


Synonyms:bond, confidence, guarantee, neutral, promise, reliable, third-person
Filed Under: financial-banking, mortgages, real-estate, taxation
Tags: banking, mortgage, realty, taxes
 

Definition of escrow

escrow
1. An account in which a neutral third party holds the documents and money in a real-estate transfer until all conditions of a sale are met. Also, an account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.

Related Terms and Acronyms:

  • conditional sale (C/S)   An agreement between the buyer and seller in where certain conditions must be met before the property sale can be finalized.
  • escrow agent   A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
  • trust account   An account used by a law firm or real estate agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.

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