- escrow
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n.A legal document, money, or property entrusted by the people making a contract to a third person, who holds it until the contract is finalized and then delivers it to the proper person.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- escrow
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a deed delivered to a third party to hold until fulfilment of a condition, when it will be delivered; e.g. a conveyance executed by a vendor of property and delivered to his solicitor pending completion by the purchaser's paying the purchase price.
Collins dictionary of law. W. J. Stewart. 2001.
- escrow
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The holding of funds or documents by a neutral third party prior to closing a sale. For example, buyers and sellers of real estate commonly hire an escrow agent to facilitate the transfer. Business sales also sometimes involve escrow arrangements.Category: Business, LLCs & CorporationsCategory: Real Estate & Rental Property
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- escrow
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This term has two meanings:• In the context of execution of documents, where a document is delivered in escrow, it will have been executed by all parties and cannot be recalled. The document will not take effect until the fulfilment of the specific condition(s) (the escrow condition(s)). Any escrow condition must be set out in writing. If the escrow condition is never fulfilled, the document will never take effect.• In the context of information technology, the independent storage of the source code (by an escrow agent) on terms that permit the release of such a code on the occurrence of specified events.+ escrowUSAA legal arrangement in which an asset (such as cash or stock) is deposited into an escrow account under the trust of a third party (the escrow agent) until satisfaction of a contractual contingency or condition.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
- escrow
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n. An arrangement under which something (money, a document, or property) is held in trust by a third party until the occurrence of a condition allowing its release to a party to an underlying transaction. For example, a down payment may be held in escrow, typically by the realtor or a lawyer, until the closing of a real estate transaction.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- escrow
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Something of value, such as a deed, stock, money, or written instrument, that is put into the custody of a third person by its owner, a grantor, an obligor, or a promisor, to be retained until the occurrence of a contingency or performance of a condition.
Dictionary from West's Encyclopedia of American Law. 2005.
- escrow
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I
Something of value, such as a deed, stock, money, or written instrument, that is put into the custody of a third person by its owner, a grantor, an obligor, or a promisor, to be retained until the occurrence of a contingency or performance of a condition.II Money or a written instrument such as a deed that, by agreement between two parties, is held by a neutral third party (held in escrow) until all conditions of the agreement are met.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
- escrow
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1) n. a form of account held by an "escrow agent" (an individual, escrow company or title company) into which is deposited the documents and funds in a transfer of real property, including the money, a mortgage or deed of trust, an existing promissory note secured by the real property, escrow "instructions" from both parties, an accounting of the funds and other documents necessary to complete the transaction by a date ("closing") agreed to by the buyer and seller. When the funding is complete and the deed is clear, the escrow agent will then record the deed to the buyer and deliver funds to the seller. The escrow agent or officer is an independent holder and agent for both parties who receives a fee for his/her/its services.2) n. originally escrow meant the deed held by the escrow agent.3) n. colloquially, the escrow agent is called an "escrow," while actually the escrow is the account and not a person.4) v. to place the documents and funds in an escrow account, as in: "we will escrow the deal."See also: escrow agent
Law dictionary. EdwART. 2013.
