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debrak2008

What is escrow?

debrak2008
10 years ago

Often times on this forum and on tv shows, I am confused when people use the term "escrow". It seems that it means different things in different locations.

I live in NY state. Here escrow is money the buyer puts in a bank account for the taxes and insurance to be paid out of automatically. A mortgage lender here would require this. It has nothing to do with seller. If you pay cash and have no mortgage there is no escrow.

Does anyone want to explain what escrow means in your location?

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