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Tip 5. Open an Escrow Account

Used today in most states, an escrow holder is a licensed and bonded company that acts as a neutral third party. The escrow holder receives all funds, makes sure that all documents are properly executed, and, when all conditions of the mortgage loan and sale have been met, transfers title to you, records the mortgage in favor of the lender, and gives the fund to the seller. More about escrow companies is in the next sections.

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