Escrow
From LawDepot Law Library
Definition of "Escrow"
Escrow refers to the situation where the required funds (the purchase price) and documents (transfer deeds) are held by a neutral third party (the escrow agent) until closing (when all the terms of the contract have been satisfied). At closing, this third party delivers title to the property to the buyer, commission to the realtor, and balance of funds to the seller.
"Escrow" is referred to in the following legal documents:
Real Estate Purchase Agreement
