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Rachel Welch

26 September 2022 146 Read Crypto

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What is Escrow?

Escrow is a third-party service that holds assets for a transaction. It should be a neutral third-party that doesn't have a vested interest in the outcome of the transaction. Escrow is most often used in real estate transactions. When you buy a house, you'll pay a monthly mortgage payment that includes interest, principal, homeowner's insurance, and property taxes. Most lenders will also require escrow payments. Your payments go into an account that the escrow company keeps in a secure place until you receive the funds to complete the transaction.If you do not want to set up an escrow account, you can opt out.

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