Find the right information and know it is the most reliable available when you search for recently sold homes like 6123 N County Road 45, Medford, MN 55049 on realtor.comÂ®. Top Real Estate Markets in Minnesota
Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage).
An escrow account is a fund held, usually by a financial institution, to take in funds on behalf of a client and disburse them on the client's behalf. The most common use for an escrow account is by a mortgage company, which often holds funds from mortgagors to pay the property taxes and homeowner's insurance premiums.Escrow funds do not belong to the institution but are held in trust for the client.enerally accepted accounting principles (GAAP) for escrow accounts require special reporting, both by the Financial Accounting Standards Board and regulatory agencies. The funds held in the account must be detailed by contributor, and these funds cannot be mixed in with the operating funds of the company.