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escrow definition
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. "
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