Escrow & Title
An IOLA (Interest on Lawyer Accounts) account is used in New York to:
AHold broker commissions pending closing
BHold client funds by attorneys in escrow, with interest going to legal aid✓ Correct
CPay property taxes on behalf of clients
DStore title insurance premiums
Explanation
IOLA accounts are used by New York attorneys to hold client funds (such as contract deposits) in escrow. The interest earned on these accounts is remitted to the IOLA Fund to support civil legal services for low-income New Yorkers.
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