escrow

Popular Terms
Arrangement under which a deed, money, security, or other property or document is held by a neutral third-party (called an escrow agent) in trust for a first-party (called grantor, obligor, or promisor) for a specified period or until the occurrence of a condition or event. The escrow agent is duty bound to deliver the asset or document in his or her possession to a named second-party (called grantee, obligee, or promisee) upon the fulfillment of the condition(s) or the happening of a stated event, as established in the escrow agreement.

Use 'escrow' in a Sentence

The couple had to place a few thousand dollars in escrow while they waited on the purchase of their house to finalize and close.
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Eleanor McBride wanted to find her own place as soon as possible since she'd discovered that her soon-to-be ex-husband was cheating on her, but the money they had jointly deposited on the new house was in escrow so she didn't have enough for another down-payment.
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The illegal drug market, 'Silk Road' created small escrow accounts so that the buyers and sellers didn't have to worry about getting ripped off.
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Notable Quotable

Preparing a Trouble Free Escrow Process
"1. Select a licensed real estate broker to represent you. 2. Choose an Independent Escrow provider-you have a choice. 3. Eliminate surprises - If you don’t let your broker or escrow officer know about potential problems in advance, your escrow will most definitely be delayed. 4. Be responsive – the escrow officer may periodically contact you requesting pertinent information. 5. Be prompt – you will be required to meet with an escrow officer when it is time to sign the loan documents. If you are not on time, the officer will take the next appointment and you may be the one waiting."
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