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escrow (1 synonym found)
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Definition of escrow:
(n) :
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; in common law, escrow applied to the deposits only of instruments for conveyance of land, but it now applies to all instruments so deposited
Definition of escrow:
(n) :
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; in common law, escrow applied to the deposits only of instruments for conveyance of land, but it now applies to all instruments so deposited