Real Estate Lingo - Escrow
So many terms — so little time. Need a crash course in real estate lingo? I got you!
First up? Escrow.
When purchasing a home, an escrow account is a holding area where earnest money and contracts are kept safe until the deal is closed, and the house officially changes hands. After purchase, an escrow account holds funds to pay for your property taxes and homeowner’s insurance as they come due.
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