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Escrow

Escrow

A widely used process that involves a third party holding funds or assets on behalf of two other parties. The primary objective of escrow is to ensure that the transaction between the involved parties is completed in a secure and transparent manner. Usually, it involves a financial institution or a trusted agent who acts as an intermediary between the buyer and the seller. Escrow may be used in various types of transactions, including the sale of real estate property, intellectual property rights, or even online purchases. For instance, when purchasing a home, the buyer will deposit the payment into an escrow account. This ensures that the payment is held securely until the seller fulfills their obligations, such as transferring the property title. In this way, escrow helps to mitigate the risks associated with financial transactions. Overall, escrow provides a reliable method for parties to engage in transactions with peace of mind knowing that their interests are protected by a neutral third party.
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