What does Trust Account mean?

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.

Related Terms

Effective Age Closing Planned Communities Money Market Account Tear-Down Condition Liquid Assets Federal National Mortgage Association Title Contingency Modified Gross Undisclosed Spouse Freddie Mac Appraised Value Mint Condition Binder Modification Interest Accrual Rate Conventional Loan Tenancy By The Entirety