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Current Mortgage RatesVariable closed: 1.65% 1 year closed: 1.64% 3 year closed: 1.59% 5 year closed: 1.69% 10 year closed: 2.84% Glossary
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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
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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