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Escrow is a deposit of funds or a deed by one party for the delivery to another party upon completion of a specified condition or event. An escrow service is the licensed third-party company that collects, holds and distributes the buyer's money according to particular instructions within a contract. While escrow is used more commonly in real estate closings, it's also used to protect online auction transactions, transfer of high-value personal and business property, and in various websites and businesses. You can begin your search at your local bank or mortgage company. They can give you recommendations on escrow services near you.
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