Escrow is an account that is used to store money, typically in the form of a down payment or closing costs, and hold it until the conditions of the transaction have been fulfilled. Once the requirements have been met, the funds are then released to the appropriate party, allowing the transaction to be completed. This type of account is an important tool in ensuring the safety of the funds and that all parties involved in the transaction are satisfied before the funds are exchanged.
About the author:
Daniel H. Weberman, The Kabinet Founder – Terry I. Weberman, The Kabinet CPA
Daniel is an attorney and the founder of Kabinet. He is always here to help answer your home ownership questions as well as anything related to using your Kabinet app. Ask Daniel a question by sending an email to info@completehome.io and put “Daniel” in the subject line. This is a complimentary service as part of Kabinet’s commitment to you!
Note
Daniel, The Kabinet Founder, has made every effort to ensure the accuracy of the information within this article was correct at time of publication. He does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause. Speak to your advisor to make sure you qualify for such benefits or opportunities. Do not rely solely on this abbreviated article, it is for informational purposes only.
