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Loan and Mortgage Terms Glossary |
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Escrow:
Money placed with a third party for safekeeping either for final closing on a property or for payment of taxes and insurance throughout the year, an item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
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