Finance
A Kansas buyer's lender requires the buyer to establish an impound (escrow) account. This account is used to:
AHold the down payment until closing
BCollect monthly amounts for property taxes and insurance, paid by the lender when due✓ Correct
CInvest the buyer's savings
DHold the earnest money during the transaction
Explanation
An impound/escrow account collects a portion of the property taxes and insurance premium with each monthly mortgage payment, so the lender can pay these obligations when they are due.
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