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BRyco Real Estate Glossary

Glossary

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E

 

Escrow
Money, property, a deed, or a bond put into the custody of a third party for delivery to a grantee only after the fulfillment of the conditions specified.

 

Escrow Payments
Part of the borrower's monthly payment that goes into an account (called Escrow, Impound or Trust) to pay property taxes and insurance when they are due.
Example: Within a $2,000 payment for Principal, interest, taxes, and insurance, $500 is an escrow payment that is deposited with the Lender or loan servicer. The money will be used to pay taxes and insurance premiums when the amounts are due.