Meaning of Escrow Account

csbbilu at 08h47
16
Jul
2009
Meaning of Escrow Account

What is an Escrow Account ?

Answer: When someone else holds assets of yours until the terms of a contract or an agreement are fulfilled, your assets are said to be held in escrow. The assets could be money, securities, real estate, or a deed.

The person or organization that holds the assets is the escrow agent, and the account in which they are held is an escrow account.

For example, if you make a down payment on a

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16/07/2009 at 08h47 by "csbbilu"