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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 Agent


Synonyms:neutral, reliable, third-person
Filed Under: financial-banking, legal-contracts, mortgages, real-estate
Tags: agent, banking, contract, legal, mortgage, realty
 

Definition of escrow agent

escrow agent
1. A neutral third party who holds the documents and money in a real-estate transaction until all conditions of the property sale are met.

Related Terms and Acronyms:

  • agent (agt)   A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
  • escrow   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.
  • 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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