Business, Legal & Accounting Glossary
A method of administering two escrow accounts so that transactions are closed at the same time or one right after the other. This approach is sometimes used in residential real estate when a homeowner’s sale of an existing home and purchase of a new home are contingent on one another. This ensures that the homeowner isn’t stuck paying two house notes if they are approved for their loan on the new home but the deal to sell their existing home falls through.
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This glossary post was last updated: 20th November, 2021 | 0 Views.