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In this weekly Q&A video, Todd Tremonti from Market Experts Realty discusses escrow accounts. An escrow account is a neutral bank account that holds funds during a real estate transaction, typically managed by title companies in Texas. This account is primarily used to securely hold earnest money, which is a deposit made by the buyer to demonstrate serious intent to purchase. Tremonti briefly mentions that the purpose of escrow is to manage the funds between the buyer and seller throughout the transaction process, ensuring that the money is handled appropriately until closing. Further details on earnest money are addressed in another video.
