Escrow & Title
In North Dakota, escrow is best described as:
AThe down payment paid directly to the seller
BA neutral third-party arrangement where funds or documents are held until conditions of a transaction are met✓ Correct
CA type of insurance policy protecting against title defects
DThe recording fee paid at closing
Explanation
Escrow is a neutral arrangement where a third party holds funds, documents, or other items until the conditions specified in the agreement are fulfilled, at which point they are delivered to the appropriate parties.
Related North Dakota Escrow & Title Questions
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