Understanding Escrow: How It Works in Real Estate - Investopedia
Escrow is a legal and financial arrangement where a temporarily holds money, documents, or property until specific contractual conditions are met by both the buyer and seller. In the context of buying a home, escrow serves two distinct purposes: a short-term holding zone during the transaction and a long-term account for managing homeownership expenses like taxes and insurance. The Two Faces of Real Estate Escrow what is escrow when buying a home