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What is escrow?

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Escrow Fee is the funds of a buyer held by a title company pending fulfillment of a contract. An escrow account is essentially a holding account. During a real estate transaction, the escrow officer—usually a lawyer or licensed title company representative—holds title documents and escrow fees while buyer and seller fulfill the contract terms. The escrow officer makes sure the closing is smooth and vendors and lien holders get paid. After closing, the escrow agent records the deed and title transfer to the buyer.

 

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