” ESCROW”
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.
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.
Source…..www.businessdictionary.com
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