Escrow
A neutral third-party arrangement where money or documents are held until specific conditions of a transaction are met.
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Detailed Explanation
In real estate, escrow agents hold the buyer's deposit and coordinate the closing process. Attorney trust accounts serve a similar escrow function for client funds. Escrow ensures neither party can take the money or property until all conditions are satisfied. Escrow fees in real estate typically cost $500-$2,000.
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