|
| The Real Estate Encyclopedia |
|
|
|
|
| What is an Escrow or Trust Account? |
|
|
|
| Category - Home Ownership FAQ's - Lease & Renting
|
|
|
The escrow or trust account is an account set up by the property owner for the specific purpose of holding tenant security deposits.
Legally, escrow is defined as a legal arrangement in which cash is deposited into an account under the trust of a neutral third party (escrow agent). Upon satisfaction of any contractual condition, the escrow agent delivers the cash to the party defined by the contract as the recipient of any deposit funds. |
|
|
|
|
| [edit] |
|
|
