What is Escrow?
In a real estate closing, the holding of the down payment money by the broker until closing. This can refer to holding a deed or other document in escrow, or other funds relating to the transaction, for eventual payment to a creditor or one of the parties. The broker or an attorney for a buyer or seller may hold the funds or documents in escrow.
Further Reading
For more detailed information, see our related Real Property terms:
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