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- The holding of money or documents by a neutral third party before closing on a property. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.
The Federal Reserve Board - Cite This Source - This Definition
- An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.
Federal Trade Commission - Cite This Source - This Definition
- 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.
Ginnie Mae - Cite This Source - This Definition
- Funds held in an account to be used by the lender to pay for home insurance and property taxes. The funds may also be held by a third party until contractual conditions are met and then paid out.
US Department of Housing and Urban Development - Cite This Source - This Definition
- Buydown, Co-Signed Account, Escrow Account, Escrow analysis, Impound account, Individual retirement account (IRA), inflation, Lease Purchase (Lease Option), Servicer, Servicing, Trust account, Vested