The Purpose of an Escrow Account Is to Pay the Points

question 79

True/False

The purpose of an escrow account is to pay the points at closing.

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Definitions:

Forged Cashier's Check

A counterfeit document made to look like a legitimate cashier's check, used in fraudulent transactions.

Innocent Purchaser

An individual who buys property without knowledge of any existing claims, disputes, or defects associated with it.

Fraud

An intentional deception made for personal gain or to damage another individual.

Sale-Or-Return Contract

A contract in which the buyer and seller agree that the buyer may return the goods at a later time.