What is «an escrow account»?

A bank account into which a tenant deposits withheld rent, to be withdrawn only when the landlord has corrected uninhabitable conditions in the rental unit or when the tenant is ordered by a court to pay withheld rent to the landlord.

Related Topics

• What is a «rental unit»?
• What is a «lock out»?
• What is a «tenant screening service»?
• What is a «rental period»?
• What are «prepaid rental listing services»?