Real Estate Glossary



  Rehabilitation Escrow Account

A contingency reserve will be set up that contains funds borrowed to finance your home improvements. These will be placed into an escrow account upon the closing of your mortgage. Payments to the contractor will be periodically made from this fund as construction occurs.

You will be paid interest on the funds that are in the escrow account that have not been paid to the contractor.

 

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Stephanie Smith, REALTOR,
Westfield, New Jersey Real Estate
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