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The Use Of Escrow Service
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[QUOTE="Godslamp, post: 89855, member: 30464"] Escrow is a legal arrangement in which a third party temporarily holds large sums money or property until a particular condition has been met. They are used To protect the buyer’s good faith deposit so the money goes to the right party according to the conditions of the sale. To protect both the buyer and the seller, an escrow account will be set up to hold the deposit. The good faith deposit will sit in the escrow account until the transaction closes. The cash is then applied to the down payment. [/QUOTE]
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