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Escrow

An escrow is a legal document or property held by a neutral third party until certain conditions are met, such as the completion of a real estate transaction, at which point the third party transfers the document or property to the intended recipient. Escrow accounts held funds in trust until conditions are satisfied, such as the closing of a real estate sale, and then the funds are released to the appropriate parties according to the escrow agreement.

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Jason Henry
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142 views

Escrow

An escrow is a legal document or property held by a neutral third party until certain conditions are met, such as the completion of a real estate transaction, at which point the third party transfers the document or property to the intended recipient. Escrow accounts held funds in trust until conditions are satisfied, such as the closing of a real estate sale, and then the funds are released to the appropriate parties according to the escrow agreement.

Uploaded by

Jason Henry
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
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escrow, n. 1.

A legal document or property delivered by a promisor to a third party to be held by the third party for a given amount of time or until the occurrence of a condition, at which time the third party is to hand over the document or property to the promise. 2. An account held in trust or as security. 3. The holder of such a document, property, or deposit. 4. The general arrangement under which a legal document or property is delivered to a third person until the occurrence of a condition. escrow account. 1. A bank account, generally held in the name of the depositor and an escrow agent, that is returnable to the depositor or paid to a third person on the fulfillment of specified conditions.

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