Who typically uses escrow accounts?
Escrow accounts are typically used by parties involved in a transaction where a third party holds funds or assets until certain conditions are met. This includes real estate transactions, where the buyer, seller, and lender may use an escrow account to hold funds for the purchase of the property until all conditions of the sale are met. Escrow accounts are also used in online transactions, such as the purchase of goods or services, where the buyer and seller may use an escrow service to ensure that the transaction is completed securely. Additionally, businesses may use escrow accounts to hold funds for employee benefits or to ensure payment for services rendered.
