Escrow is a financial arrangement in which a third party holds and regulates the payment of funds required for two parties involved in a given transaction. The funds are held by the escrow service until the terms of the agreement between the two parties have been fulfilled, at which point the funds are released to the appropriate party.
Escrow is often used in real estate transactions, where the escrow service holds the funds needed for the purchase of a property until the terms of the sale agreement have been completed. Escrow can also be used in other types of transactions, such as business deals, auctions, and online payments.
Using an escrow service can provide security and peace of mind for both parties involved in a transaction, as it ensures that the funds are held in a neutral and secure location until the terms of the agreement have been fulfilled. It can also help to prevent disputes or misunderstandings, as the escrow service acts as a neutral third party that can help to resolve any issues that may arise.
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