escrow Definition
a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled.
Using escrow: Examples
Take a moment to familiarize yourself with how "escrow" can be used in various situations through the following examples!
Example
The money will be held in escrow until the work is completed.
Example
The property was sold through an escrow company.
Example
The contract required the buyer to put the purchase price in escrow.
escrow Synonyms and Antonyms
Phrases with escrow
Example
The down payment is currently in escrow, waiting for the seller to complete the repairs.
the act of transferring the custody of a document or funds from a third party to the intended recipient
Example
The seller requested a release from escrow after all the conditions were met.
a special account where funds are held by a third party until a transaction is completed
Example
The buyer deposited the earnest money into an escrow account.
Origins of escrow
from Old French 'escroue', meaning 'scrap, scroll, deed'
Summary: escrow in Brief
'Escrow' [ˈɛskrəʊ] refers to a legal arrangement where a third party holds a document or funds until a specified condition is met. It is commonly used in real estate transactions, as well as other situations where a guarantee is needed. Examples include 'The money will be held in escrow until the work is completed.' and 'The contract required the buyer to put the purchase price in escrow.' Phrases like 'in escrow' and 'escrow account' further illustrate the concept.
