What is escrow?  Broadly speaking it’s the use of a trusted “middle man” who handles money or other assets being transferred between two parties, making sure that the terms of the deal are met by both sides. 

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• During the process of closing on your home, to hold “earnest money” for the transaction, lender's proceeds, buyer, or property, or borrower funds, along with closing documents.

• Cash escrow for new construction: money held in escrow from the buyer and after each draw, it is released to the builder after the title search and documentation.

• Then as a long-term account that you pay property taxes and insurance into each month, as part of your monthly payments.