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In this weekly Q&A video, Todd Tremonti of Market Experts Realty explains the concept of an escrow account. An escrow account is a bank account that holds funds in a neutral third-party situation during property transactions. Typically managed by title companies in Texas, escrow accounts hold funds such as earnest money, which is the deposit made by a buyer to show serious intent in purchasing a property. Tremonti briefly references another video that discusses earnest money in more detail but focuses on how escrow accounts operate as a secure means of holding money between buyers and sellers.
