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LSDefine

Simple English definitions for legal terms

escrow account

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A quick definition of escrow account:

An escrow account is a special bank account where money is held until certain conditions are met. For example, if you are buying a house, the money for the house may be held in an escrow account until all the paperwork is completed and the sale is finalized. This helps protect both the buyer and the seller. Escrow accounts can also be used for other types of transactions, like paying property taxes or insurance.

A more thorough explanation:

An escrow account is a bank account that is held by a third party, usually an escrow agent, until certain conditions are met. The account is returnable to the depositor or paid to a third person on the fulfillment of specified conditions. It is also known as an escrow deposit.

For example, when buying a house, the buyer may put the money for the purchase into an escrow account until the seller has completed all necessary repairs and paperwork. Once the conditions are met, the money is released from the escrow account to the seller.

Another example is an impound account, which is an account of accumulated funds held by a lender for payment of taxes, insurance, or other periodic debts against real property.

Overall, an escrow account is a useful tool for ensuring that all parties involved in a transaction fulfill their obligations before the money is released.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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