What is escrow?
Escrow Fee refers to the funds of the buyer of a house held by the title company pending the fulfillment of the transaction. An escrow account is essentially a holding tank. During a real estate transaction, the escrow officer—usually a lawyer or title company representative—holds all the important title documents and escrow fees while the buyer and seller work out the details. The escrow officer makes sure the closing goes smoothly and everyone gets paid what they’re owed. After the closing, the escrow agent records the deed and title transfer that make the home officially yours.
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