Escrow

A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer. In real estate, a deed, monies, or other documents which are conditionally held by a third party, called the escrow agent, pending the performance or fulfillment of some act of condition. Generally upon written instructions called “an escrow agreement”. A disinterested third party holds funds or documents on behalf of others and subject to their instructions.

Related Content