Real Estate Glossary

What is Trust Account?

A trust account is a type of bank account that is used to hold funds on behalf of another person or entity. Trust accounts are commonly used in real estate transactions, where they are used to hold funds in escrow until the transaction is complete. The funds in a trust account are typically held by a third party, known as a trustee, who is responsible for managing the account and disbursing the funds according to the terms of the trust.

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