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Escrow Account

A neutral third-party account holding documents and money during a real-estate transfer until the sale is finalized. It can also be an account in which money for property taxes, homeowners insurance, and mortgage insurance is paid. (Note: The word "escrow" comes from the Middle English word "escrowl", which means "scroll" or parchment.)

 

The best way to think of an escrow account is as an automated way to pay your taxes and insurance.  Every month that you make your mortgage payment, a portion for taxes and insurance go into this account.  Each year when taxes are due, and when insurance is due- the escrow account will automatically pay it for you.  This keeps you from having to pay it all at once.

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  • Last edited October 19 2008
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