Background for escrow

escrow

/ˈɛs.kɹəʊ̯/ /ˈɛs.kɹoʊ̯/

Illustration escrow - Image 1

noun

A written instrument, such as a deed, temporarily deposited with a neutral third party (the escrow agent), by the agreement of two parties to a valid contract. The escrow agent will deliver the document to the benefited party when the conditions of the contract have been met. The depositor has no control over the instrument in escrow.

Examples :

"The buyer's check was placed in escrow until the house inspection was completed. "

property business finance law

Illustration escrow - Image 1

noun

In common law, escrow applied to the deposits only of instruments for conveyance of land, but it now applies to all instruments so deposited.

Examples :

"The buyer placed the money for the house in escrow, ensuring it would only be released to the seller once all the paperwork was completed and the house was inspected. "

law business finance property

Illustration escrow - Image 1

noun

Money or other property so deposited is also loosely referred to as escrow.

Examples :

"The buyer deposited the down payment into escrow, ensuring the money would be held safely until the house sale was finalized. "

property finance business economy asset law

Illustration escrow - Image 1

noun

The state of property deposited with an escrow agent.

Examples :

"The money for the house was held in escrow until the inspection was complete. "

property finance law business

Illustration escrow - Image 1

verb

To place in escrow.

Examples :

"The store owner escrowed the money for the new couch until the delivery was complete. "

property business finance law