An escrow is a financial agreement between two parties that allows a third party to hold and regulate payments until terms of the agreement are met by both parties. Funds are securely stored in escrow accounts which are used to help increase the security of financial transactions for both parties. Escrows are typically used for transactions involving a need to exchange funds for work that requires a desired level of quality, and prevent both parties from engaging in fraudulent activities in respect to both payments are services rendered.
What Exactly Is Escrow, and When Would You Use It?
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