When a buyer of a piece of land pays money that includes a "tax impound," the money must be kept in a "trust account."
These are questions that the above text answers:
1. What is the purpose of a trust account in the real estate closing process?
2. When is a trust account required in a real estate transaction?
3. What is the significance of a "tax impound" in relation to a trust account?
4. Why is it important for a buyer's money to be kept in a trust account during a real estate transaction?
5. What role does a trust account play in the escrow closing process?
6. How does a trust account protect the buyer's funds in a real estate transaction?
7. What happens to the money in a trust account after the real estate transaction is completed?
8. Are trust accounts mandatory in all real estate transactions involving a tax impound?
9. Can a buyer request to have their money kept in a trust account even if there is no tax impound involved?
10. What are the legal requirements for managing a trust account in a real estate transaction?