Wondering what is an escrow account » and why it's important? Open Money explains it in simple terms. An escrow account is a secure holding account managed by a neutral third party, where funds are kept until the terms of a transaction are fulfilled by all parties involved. Commonly used in real estate, business deals, and online transactions, it ensures trust, transparency, and safety for both buyers and sellers. Learn how escrow accounts work, when to use them, and their key benefits with expert insights from Open Money.

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