In real estate, an escrow account is a separate account that is used by an official, such as a lawyer or your lender, to hold funds on your behalf to pay a third-party, once conditions are met.<\/p>\n
For instance, your mortgage lender may include property taxes in your monthly mortgage<\/a> payment. This money will be kept in an escrow account. When it’s time to pay property taxes, your lender will then take the money to pay your municipal tax department on your behalf.<\/p>\n","protected":false},"author":3,"template":"","meta":[],"class_list":["post-3044","encyclopedia","type-encyclopedia","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/encyclopedia\/3044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/encyclopedia"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/encyclopedia"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=3044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}