An escrow account is a special account at a financial institution where funds are held until they are paid to a third party.

Name: An escrow account is a special account at a financial institution where funds are held until they are paid to a third party.
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Question

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This is correct. An escrow account is specifically designed to hold funds (often related to a real estate transaction) until certain conditions are met, at which point the funds are released to the appropriate party.

An Escrow Account Is a Special Account at a Financial