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In this weekly Q&A video, Todd Tremonti from Market Experts Realty explains the concept of an escrow account. He describes it as a bank account managed by a neutral third party, typically a title company in Texas, during real estate transactions. Escrow accounts hold funds associated with the transaction, such as earnest money, which is the deposit made by the buyer to demonstrate their serious intent to purchase. Tremonti provides context on the use of escrow accounts, emphasizing their role in keeping funds secure and ensuring a smooth transaction between buyers and sellers. Further details on earnest money are available in another video.
