Escrow is a word that is used in real estate transactions and other transactions where a large sum of money is involved.
To further explain what escrow is in real estate... escrow is a financial arrangement where a third party (such as the bank), holds and regulates payment of the funds required for two parties involved in a given transaction. This helps to ensure and secure the transaction by keeping the payment in a secured escrow account, which is released when ALL of the terms of an agreement are met as overseen by the escrow company.
Escrows are helpful when their is a large amount of money involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a home being built where the buyer wants confirmation of the quality of work being done before making the full payment, and the builder doesn't want to extend a massive amount of work without any assurance that he/she will not receive payment.
Furthermore, escrow protects all parties involved in a transaction where money is involved.
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