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For escrows of computer source code, see source code escrow. An escrow is: a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or.
What is a Net Escrow Payoff? A Net Escrow Payoff allows us to take the balance in your existing escrow account and apply it as a credit toward the payoff of your existing mortgage loan that is being refinanced. Weâre only able to do this on loans AimLoan.com is currently servicing. If you have chosen to escrow property taxes and/or insurance on the new loan, a new escrow account will be set up. There is no additional fee to request a Net Escrow Payoff.