Definitions for "Escrow"
Related Terms:
Escrow agent, Escrow company, Escrow closing, Escrow service, Escrow agreement, Escrow instructions, Double escrow, Payer, Close of escrow, Principal, Contract for deed, Closing, Land contract, Closing agent, Settlement, Installment contract, Escrow holdback, Escrow funds, Installment sales contract, Facilitator, Closing statement, Holding deposit, Agreement for sale, Completion, Conditional sale, Draft, Contract sale or deed, Settlement, Settlement statement, Deposit, Earnest money, Transaction broker, Closing date, Seller take-back, Qualified intermediary, Cash against documents, Contingencies, Earnest, Settlement agent, Assignment of proceeds, Earnest, Closing day, Conditional sale contract, Loan closing, Dual agency, Escrow account, Completion date, Conditional sales contract, Sale
A deed, bond, or other written engagement, delivered to a third person, to be held by him till some act is done or some condition is performed, and then to be by him delivered to the grantee.
Securities, instruments, or other property deposited by two or more persons with a third person, to be delivered on performance of a certain event.
A deposit held by a third party to be delivered on the fulfillment of a stated condition.
A deed delivered conditionally. It does not become effective until the condition is satisfied e.g. the other party signs his part.
An agreement between 2 or more parties providing that certain instruments or property be placed with a third party for safekeeping, pending the fulfillment or performance of a specified act or condition.
A third party service that holds payment in trust until the item is delivered intact and as directed to the buyer.
Money or property put into the custody of a third party for delivery to a grantee only after the fulfillment of the conditions specified.
A third party which handles considerations (money or documents) between a buyer and a seller.
Money held in trust by a third party until the seller makes delivery on merchandise to the buyer.
A third- party agent who receives, holds and/or disburses certain funds or documents on the performance of certain conditions, such as earnest money held until a transaction closes.
A neutral third party acts as the agent for both parties to a real estate transaction in handling legal documents and disbursement of funds.
Money held in trust, often for the payment of taxes and insurance on property that is subject to a mortgage.
The placement of money or a document with a third disinterested person , to be held by that person until the terms of a contract or agreement between two or more other persons are met. The property is then released according to the terms of the agreement or contract.
The delivery of property conditionally to a third person (escrow holder), who holds it until the happening of an agreed upon event and then redelivers it to the owner according to the terms of the agreement. Any funds being held by the "escrow holder" are then released and paid to approved claimants.
A third, neutral party that holds and processes documents, initiates necessary paperwork, collects money due, and/or pays out money due. Also, the amount a lender collects from the owner and uses to pay taxes and insurance on the owner's property.
Funds held in reserve by an impartial 3rd party in regards to the transaction of a property deal.
The process where a disinterested third party holds money and/or documents until the terms and conditions of the instructions (as prepared by the parties to the escrow) have been met.
An amount retained by a third party in a trust to meet a future obligation. Often used in the payment of annual taxes or insurance for real property.
Money set aside for a specific purpose. An individual's monthly mortgage payment might include $300 per month for the real estate taxes due at the end of the year. The $300 is said to be put into escrow each month. To Top
The holding of important documents and money by a neutral third party until the close of a transaction or the conditions of a contract are met.
A system were a third party holds the money for an item until the buyer receives the goods and can inspect them item and approve it.
An escrow service will hold the buyer's payment until they've received, inspected and approved the item. Only then does the escrow service pay the seller. This provides a level of safety when buying/selling online as the money is held by a trusted third party until both the buyer and seller are satisfied.
Money or documents held by a third party until specific conditions of an agreement or contract are fulfilled.
A money amount or condition that is stipulated by a deed and is held for a specified time by an escrow agent.The agent is a third party to a real estate transaction and holds the escrow until some agreed-upon obligation, condition, or act is fulfilled.
An escrow account holds money that cannot be withdrawn by any individual or organization until specified conditions are met. In the FSS program the escrow savings account, earning interest for the participant, provides a major incentive for completion. An FSS participant's escrow account accrues only when the participant's rent payment increases due to employment during the 5-year enrollment term.
The holding of documents, deeds, and/or monies by a financially disinterested third party on the behalf of a first party to be used to satisfy the requirements of a second party.
Temporary monitary deposit with an independent third party by agreement between two parties. The escrow money is released when certain agreed conditions have been met.
When someone else holds yours assets, such as money, securities, real estate until the terms of a contract or an agreement are fulfilled, your assets are said to be held in escrow. The person or organization that holds the assets is the escrow agent, and the account in which they are held is an escrow account.
Is a payment option where the buyer sends their payment to a neutral third party, who holds the payment until the buyer receives their item, and then they send the payment to the seller. This is usually used for high-end items like cars or expensive jewelry.
Documents, real estate, money, or securities deposited with a neutral third party (the escrow agent) to be delivered upon fulfillment of certain conditions, as established in a written agreement. Also, an account held by the lender into which a homeowner pays money for taxes and insurance. see also bulk sales escrow, closing statement, servicer.
The closing of a transaction through a disinterested third person called an escrow agent or escrow holder, who holds funds and/or documents for delivery on the performance of certain conditions.
An account in which a neutral third party holds the documents and money in a real-estate transfer until all conditions of a sale are met. Also, an account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.
A method of closing a transaction or servicing an agreement in which funds and/or documents are deposited with a disinterested third party for delivery upon the fulfillment of a condition or set of conditions.
An agreement that money or other objects of value be placed with a third party for safe keeping, pending the performance of some promised act by one of the parties to the agreement. It is common for home mortgage transactions to include an escrow agreement where the borrower adds a specified amount for taxes and hazard insurance to the regular monthly mortgage payment.
An escrow is the process of closing a real estate sale in which a licensed third party prepares the documents and handles the closing between buyer and seller. For the protection of buyer and seller, all funds are required to be held in a special secure trust account until closing, at which time the escrow officer disburses funds according to identical escrow instructions signed by buyer and seller. The third party handling the sale must be licensed to do so, such as a licensed real estate broker or escrow company. In the western United States, the majority of closings are handled by real estate brokers, escrow or title companies. In the eastern United States it is more common for attorneys to handle the closing between buyer and seller.
A bonded neutral depository, which acts as a dual agent for the buyer and seller in a real estate transaction.
An account held by the lender into which the homebuyer pays money for tax or insurance payments. Also called impounds.
An account held by the lender into which the homebuyer makes monthly payments for tax, insurance payments. In less common instances, escrows can include a lump-sum of moneys needed to satisfy an outstanding obligation or necessary repair to the property mortgaged.
A depository for papers, funds and instructions with a third party who is then obligated to carry out all instructions, providing they are in complete agreement
Funds held by a neutral third party (the escrow agent) until certain conditions of a contract are met and the funds can be paid out. Escrow accounts are also used by loan servicers to pay property taxes and homeowner's insurance. Funds for property improvements after closing are typically held by the title company or lender and disbursed upon completion of the improvements.
funds held in trust until such time as all of the conditions and terms of the purchase and sale have been met. Lawyers have escrow accounts as do escrow companies. Lenders will often set up escrow accounts to collect in advance, funds from borrowers to be used for property taxes and insurance.
The escrow could be explained as a “sort of” savings account that is set up to determine where funds are placed both at time of closing and on a monthly basis. At closing, these funds pay for the initial first year's homeowners insurance policy and possibly part or all of the private mortgage insurance policy and the pro-rated amount of property taxes required to be in the escrow account at that time. After the initial set-up, a monthly escrow deposit is normally included as part of the house payment and used to pay future insurance and taxes as they are due.
The holding of documents and/or money by a third party prior to closing; also, an account held by a lender into which an owner pays money for taxes and insurance.
Funds or documents deposited into an escrow account (to a third party, i.e. Title Company) that are to be disbursed upon the closing of real estate.
The closing of a real estate transaction through a neutral third party who holds funds and/or documents for delivery after the provisions of an agreement have been carried out.
The procedure of placing money in an account where neither buyer nor seller can access the money without the consent of an escrow agent.
Money held by a third party on behalf of the first party to be utilized for requirements of a second party. A servicer is a third party, which holds an escrow on behalf of the borrower to pay taxes and insurance payments to the applicable entities when they become due.
Also "escrow account." Funds set aside and held by a neutral third party, usually for payment of taxes and insurance.
An account held by the lender into which you pay money for tax or insurance payments on your house. Your escrow payments are usually combined into your house payment.
Execution of instructions, documents and retention of funds by a neutral third party prior to closing.
(es'kro~) - A writing, deed, fund or object delivered by one person to another to be held until specified acts are performed or certain conditions are met, and then to be disposed of as directed under the terms of the escrow.
Money deposited with a third party, and held in an escrow or trust account, until the transaction is closed. Real Estate firms typically use Title companies or Attorneys to hold escrow. Some Real Estate companies hold escrow and have specially dedicated escrow accounts with Florida banks, to comply with Florida Real Estate law, Brokerage escrow accounts MUST be held at Florida based banks.
An agreement between two or more parties providing that certain documents or property be placed with a neutral third party for safekeeping until all the terms and conditions of the sale are fulfilled.
Funds given to a third party which will be held to cover payments such as tax or insurance payments and earnest money deposits.
The placing of property or funds with a third party (usually an attorney) for safe-keeping, pending the fulfillment or performance of a condition or act.
Escrow is a legal agreement where property is held by a third party and released to a grantee only after certain conditions are fulfilled. Escrow may be used to ensure that a software product customer is granted access to the source code in certain situations.
Something promised to be delivered by one person to another, is held by a third party until some condition or obligation is performed. Once the requirement is met, delivery is completed.
A method of closing a real estate transaction in which a disinterested third party is authorized to act as agent for the delivery of funds/documents upon performance of conditions set forth in the escrow agreement.
The process by which money and/or documents are held by a disinterested third party (an escrow company, title company, attorney, etc-) until the terms and conditions of the escrow instructions are fulfilled.
A process in which an independent third party mediates a property sale among a buyer, seller, and lender. An escrow agency handles all of the paperwork and distributes finds.
The deposit of instruments, funds and instructions with a neutral party who will carry out the provisions of a contract or agreement.
Funds paid to one party to another to hold until the occurrence of a specific event. (taxes, insurance) when the funds are released to the designated individual.
Funds left in trust to a third party to be released upon fulfillment of preset condition.
A procedure in which documents or transfers of cash and property are put in the care of a third party, other than the buyer or seller.
Process whereby details of property transfer, payments, and deed conveyance are handled by a third party.
A portion of monthly payments held by the lender on the borrower's behalf to pay taxes and insurance and other charges when they become due.
Paying one’s taxes and/or homeowners insurance monthly included with the mortgage payment rather than annually.
An account established to monitor the repayment of an owner-financed type of contract while holding the transfer document – sometimes known as a contract-collections loan. These accounts can be bought, sold or used as collateral for bank-held loans.
An unbiased third party that handles the closing or settlement.
Contract or other written agreement deposited with a third person for delivery to a given party on the fulfilment of some condition.
money or securities held by third parties pending completion of some contract terms
The account in which the borrower's monthly deposit for taxes, hazard insurance, and mortgage insurance premiums are placed and held in trust by the lender.
The holding of funds, documents, securities, and other property by an impartial third party for the other two participants in a business transaction. When the transaction is completed, the escrow agent releases the entrusted property.
The process in which a disinterested third party holds money and documents for delivery to the respective parties in a transaction on performance of established conditions.
An account maintained by a lender for the purpose of paying certain expenses due on a mortgaged property, including taxes and insurance. The account is funded from a portion of the borrower's monthly mortgage payments.
Deposit by contracting parties of a deed or other instruments and funds with a neutral third party (title company) for delivery to the respective parties on performance of a condition or conditions.
A situation in which a third party, acting as the agent for the buyer and the seller, carries out instructions of both and assumes the responsibility of handling all paperwork and disbursement of funds. Also, impounds or reserves for the payment of taxes, insurance, or other bills when due.
The process by which a neutral third party (the title company) holds documents and funds, and carries out instructions agreed to by all parties. Escrow may also refer to an account held by the lender into which the borrower pays for tax or insurance payments.
The process of holding documents and money that is related to the sale or purchase of a property by neutral third party prior to the closing of the transaction. When the transaction is complete, escrow closes, the previous owner's mortgage is paid off, and the new loan is funded.
money that is added to an account each time a mortgage payment is made and is then used to pay insurance and property taxes.
The state of a written agreement, such as a deed, put into the custody of a third part until certain conditions are fulfilled.
Money deposited with a third party that is returned upon fulfillment of a condition or contract
funds or a piece of property held by a third party until certain conditions are met by both buyer and seller.
Charges for a neutral third party to hold the funds and documents that change hands during the home selling and buying process. An escrow officer sees that items in the purchase contract are carried out and appropriate parties are paid.
A deposit of money or documents from a real estate transaction with an impartial third party (escrow agent). Disbursement is made to the rightful party when all conditions of the transaction have been met.
An impartial holding of monies and documents pertinent to the sale and transfer of real estate.
A situation when a third party holds documents or funds for buyers and sellers until the sales transaction is completed.
Issued stock held separately from free-trading shares until certain conditions are met.
A third party service that holds funds sent by the buyer until a domain is transferred from a seller. Escrow.com is a popular service for this.
A third party with no interest in the real estate transaction that is empowered to handler legal documents and/or funds for the buyer and seller.
An agency service offered by trust departments to individuals and corporations. The escrow agent safely keeps cash, securities, or documents until certain conditions called for in an agreement between two parties are met. Once the conditions are met, the escrow agent releases the assets according to the agreement.
The process of an agent providing safe keeping of cash, securities and documents and handling the paperwork and transfer of funds for the borrower and seller.
An account in which a neutral third party holds the documents and money in a real-estate transfer until all conditions of sale are met. Escrow may also refer to an account held by the lender into which the borrower pays for tax or insurance payments.
The holding of documents and money by a neutral 3rd party for the seller and buyer.
An account held by the lender, paid by the borrower for the payment of the taxes and insurance of the mortgaged property. Also earnest deposits held pending loan closing. fair market value The highest price that a buyer would pay and the lowest price that a seller would accept, neither party being compelled to buy or sell.
A trust that is set up and maintained by your mortgage company. The purpose is to save a portion of your monthly payment for the eventual payment of real estate taxes, hazard insurance, mortgage insurance or mortgage premiums.
When a third party handles funds or documents for the buyer, seller, or both.
Funds, many times a bond, held by a third party which will not be released to the grantee until conditions of a contract or an agreement are fulfilled.
A neutral depository, where a third party carries out instructions for the lender, buyer, and seller and is responsible for handling the paperwork and disbursing funds needed to transfer the property.
The process by which money and/or documents are held by a disinterested third party until all conditions of the escrow instructions, as prepared by the parties involved, have been satisfied; at which time delivery of the items can be made to the proper parties.
Money or shares eld until certain requirements are met. Mutual fund shares may be held in escrow until a client successfully completes an LOI. If the account is redeemed prior to the LOI being completed, the client is not entitled to the shares held in escrow.
A safe way of transferring ownership of a domain name from one party to another.
Depository account for earnest money held in trust until settlement
Escrow funds are deposits of money, deeds or other consideration with an authorized third party to be held until completion of a real estate transaction.
Assets or property held by a third party, released when contractual agreements have been met.
Ordinarily the state of assets placed in the care of a third party (Title agent, Escrow agent etc.) until all conditions and terms of an agreement are met.
A third party who handles the closing of a loan. Escrows also refer to the taxes and insurance payments that borrowers pay at the closing of the loan.
Funds that are held until a specific date and then released. Usually, an escrow account is used to hold money that will be paid out in tax and insurance on given dates. The escrow funds are paid along with the monthly principal and interest payments. Can also be used to ensure the completion of repairs, etc., on the property, that cannot be done prior to closing.
Specifically, the act of turning something of value over to a neutral party to be held until certain conditions are met. In real estate, escrow can refer to the period between the signing of a sales agreement and closing, when the buyer's earnest money is being held. It also can refer to money being held after closing to complete repairs that the seller is paying for, but which could not be completed before closing. In some states (not Michigan), property deeds are held in escrow until the mortgage is paid off.
A disinterested third party that handles legal documents and funds on behalf of the seller and buyer.
Lenders often set up an account, called an escrow or impound account, to hold the tax and insurance portions of your monthly mortgage payment. At closing, the lender collects sufficient money to establish the necessary reserves in this account. The reserves plus the monthly deposits are then held until such time they are used by the lender to pay the tax and insurance bills. Escrow accounts are also set up as an independent third party whose responsibility it is to disperse funds.
An escrow is an agreement between buyer and seller to give a third party the responsibility of holding documents and money until the property transfer is finalized.
The sum of money paid by the borrower over time and held by the lender to be applied toward payment of future taxes and/or insurance. It may also refer to the sum of money set aside at settlement and held by the title company to ensure completion of repairs.
Funds held by a third party to be released when certain conditions in a contract are fulfilled.
The deposit of funds with a bonded neutral third party with instructions to carry out the provisions of a contract. Earnest money deposits are usually held in the trust accounts of either a real estate Broker, title company or attorney.
the process by which the money and/or the documents are held and processed per the instructions of the parties to the Real Estate contract. The "closing" occurs when all of the contract terms have been satisfied and the delivery and transfer of the escrowed funds and documents takes place.
Earnest Money given to a neutral third party authorized to hold funds pending the conclusion of a sale.
The closing of a real estate transaction through a third party, the escrow agent, who holds all money and documents until both parties are in compliance with and have performed certain conditions as required in the contract.
When someone else holds assets of yours, such as money, securities, real estate, or even a deed, until the terms of a contract or an agreement are fulfilled, your assets are said to be held in escrow.
The term has number of different meaning is real estate. Escrow can mean the use of a person or company with no financial interest in the property sale to handle the actual handling of the purchase and sale. who pays for the escrow closing services is determined by the contract for real estate purchase (earnest money agreement). Escrow is also used to describe the holdings of funds by a mortgage lender for payment of hazard insurance, real estate taxes and other loan related costs.
An account held in trust for the payment of property taxes and insurance, funded with a portion of the monthly payment of a mortgage.
An arrangement whereby a third party holds funds for a buyer and seller until all terms of the agreement have been satisfied.
An item of value, money, or documents deposited with a third party in an account to pay for certain aspects of your loan when they become due.
Funds that are held in trust by a third party, usually for payment of taxes and insurance on real property. This money is typically collected monthly with your mortgage payment (the TI in PITI payments).
Escrow is a separate account where money and/or documents are held by a third party until previously specified conditions are met. Often times, escrow is referred to as the time period between an offer to purchase a home being accepted by the sellers(s) and the financial details being settled.
The process of collecting the taxes and insurance along with the principal and interest of the scheduled payment for a property that has been purchased and that is subject to a loan. The person or company responsible for the escrow account deposits the tax and insurance portion of the payment into such an account from which they will be paid when due.
Written agreement authorizing the holding of funds by a custodian, usually a bank or trust company. Banks typically hold escrow accounts for real estate taxes and property insurance due on a mortgaged property.
Deposit of funds and documents with instructions to a neutral third party to carry out the provisions of the contract or agreement.
An arrangement where money or a document is held for a particular purpose or use. A buyer's earnest money paid to seller may be held in escrow by a Realtor® pending completion of the home sale. Funds for property tax and homeowner's insurance premiums may be held in escrow by a lender until time for disbursement.
Transaction involving a third party, escrow agent, where property, a.k.a money, is held until all conditions of a contract are fulfilled. At the close of escrow, property is conveyed and monies are disbursed.
This is secured account used to hold the fund of the buyer and the seller for the closing and purchase and or sale of a property.
Delivery of a deed by a grantor to the grantee, via a third party, upon the completion of a contingent event.
An account to hold tax and insurance money collected by your lender from your mortgage payments until those expenses must be paid.
Generally an arrangement by which one or more parties deposit funds with an authorized escrow agent in accordance with the terms of a real estate agreement. The definition varies in different parts of the country; ask a real estate agent.
During the home loan process, a neutral third party known as Escrow holds documents and money (including earnest money deposits) for safekeeping until the real estate transaction is complete. An Escrow account is also used once you complete your home loan to hold the property tax and insurance monies that are collected with each mortgage payment.
1. The process in which something of value (such as money or documents) is held by a disinterested third party, a stakeholder called an escrow agent, until certain conditions contained in the escrow instructions have been complied with. 2. A deed or money or piece of property delivered into the keeping of a third party, called an escrow agent, pending compliance by all parties to the real estate agreement.
Amounts held by a third party for a future obligation.
a depository of papers, funds and instructions with a third party who is willing to follow instructions provided they are in complete agreement.
The holding of documents and money in relationship to a real estate transaction by a disinterested third party until all terms and conditions of the contract are completed.
Funds and/or deed left in trust to a third party. Generally, a portion of the monthly mortgage payment is held in escrow by the lender to pay for taxes, hazard insurance and yearly mortgage insurance premiums.
1) An account set up by the lender for the borrower into which regular payments are made for future taxes and/or insurance premiums. The lender then pays the taxes and/or premiums from the account when they are due. 2) The holding of documents and money by a neutral third party prior to closing.
a fund or account held by a third-party custodian until conditions of a contract are met.
A method of closing a real estate transaction in which all required documents and funds are placed with a third party for processing and disbursement.
A special secured account used to hold funds from the buyer and the seller related to closing of purchase and/or sale of a property. Learn about RedWeek's recommended timeshare resale escrow service, and a unique timeshare rental escrow.
Funds held by a third party on behalf of the first party to pay a second party. A mortgage servicer (third party) holds funds in escrow on behalf of the borrower (first party) to pay for taxes and/or insurance to the appropriate entities (second party) when they come due.
The deposit of instruments and/or funds into the care of a neutral third party with instructions to carry out the provisions of an agreement or contract once all instruments and/or funds have been deposited. Many closings are handled by escrow agents. In this situation, the seller deposits the deed and the buyer deposits the funds necessary with the escrow agent. Once all requirements of the purchase contract are in the control of the escrow agent, the money and deed are distributed accordingly.
The holding of the buyerâ€(tm)s deposit by the real estate agent prior to closing; also, an account into which a portion of the mortgage payment is held by the lender for payment of taxes and insurance on the borrowerâ€(tm)s behalf. Fair Credit Reporting Act A federal law that guarantees individuals the right to examine the information about them on file with a credit report agency.
The depositing of money or documents from a real estate transaction with an impartial third party (escrow agent), to be disbursed to the rightful party when all conditions of the transaction have been met.
The process of using a third party to handle the exchange of funds between buyer and seller in a real estate transaction. The escrow company is a fiduciary. Some states may use attorneys in lieu of escrow companies. Funds are deposited in an escrow account that neither the buyer nor seller can access. The escrow agent ensures that buyer and seller pay appropriate funds at loan closing.
Neutral third party that handles all funds in a real-estate transaction. Buyer puts deposit into escrow; lender funds the loan into escrow. Escrow pays broker(s), pays off any loans/liens against the property, pays taxes and fees, and sends the remainder of the money to the seller.
The holding of documents and/or funds by a disinterested third party such as a title insurance company, attorney or depository institution pending the settlement of a real estate transaction or mortgage loan, or pending the payment of real estate taxes and/or homeowner's' insurance on a parcel of real property.
Process performed by a third party that makes certain the interests of the buyer, seller and lender are satisfied.
The deposit of items such as money, deeds, and other instruments by contracting parties with a neutral part, called an escrow holder or escrow agent, to be held until all the terms and conditions of the escrow are fulfilled. Then there is a close of escrow, and the items are delivered to the respective parties entitled to them.
A procedure by which a disinterested third party handles legal documents and funds on behalf of a seller and buyer.
A neutral third party that acts as an agent for both buyer and seller ensure that the agreed upon terms of the transaction are carried out. FHA Loan - A Federal Housing Administration Loan. This loan is issued by the Insuring Office of the Department of Housing and Urban Development.
Money that is held in reserve both prior to closing by a third party and after closing by the mortgage holder to pay future real estate taxes and homeowners insurance.
The deposit of documents and funds with instructions to a neutral third party to carry out the provisions of an agreement or contract.
A situation in which the buyer places money in a third party escrow account until both buyer and seller agree to release the funds. Usually used for higher priced items.
Is a fund held by a third-party custodian.
Money, securities, funds, documents or other property deposited with a third party to be held by that third party (known as an escrow agent) until the happening of a future event. Upon the happening of the future event, the property deposited is delivered to the designated party. (Back to Terms list)
Refers to a neutral third party who carries out the instructions of both you and the Seller to handle all the paperwork of settlement or "closing". Escrow may also refer to an account held by the Investor into which you would pay money (usually monthly along with your mortgage payment) for annual or semi-annual tax and insurance payments.)
It reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions
Earnest money deposit, such as a security on an apartment for rent.
Money placed in the hands of a third party until specified conditions are met.
The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.
1) A deed, bond, money, or real property delivered to a third party to be delivered by him/her to the obliged upon fulfillment of a condition. In the case of land or other real property, the deed becomes effective when the buyer fulfills certain conditions.2) Under Family Self-Sufficiency (FSS), an amount set aside on behalf of the tenant specified in the FSS contract of participation, equal to a portion of the rent increase that would otherwise occur as one or more family members obtain employment as a result of the FSS program.
Money or documents, such as a deed or title, held by a third party until the conditions of an agreement are met. For instance, pending the completion of a real estate transaction, the deed to the property will be held "in escrow."
An escrow account is somewhat like a savings account, a portion of the monthly mortgage payment is set aside for payment of such expenses as property taxes or insurance.
Escrow is a legal arrangement in which an asset (often money, but sometimes other property such as art, a deed of title) is delivered to a third party to be held in trust until a contingency or conditions of the sale are fulfilled. After the terms of the deal are met, the escrow agent will deliver the asset to the proper recipient. Source: wikipedia.org
a third party neutral to the interests of a buyer and seller who serves as an intermediary, who holds the property's deed, and executes the terms of a transaction based on instructions that are mutually agreed upon by buyer and seller.
The collection or deposit of documents and funds from the parties involved while a purchase loan is being processed that are held by a third party until all conditions are met to fund the loan.
A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow.
An independent third party (company) that handles the paperwork aspects of real estate transactions, including purchases, loans, etc. In a real estate sale the escrow company basically takes possession of the seller's deed and the buyer's money at the appropriate time, when all of the escrow conditions are met. The deed and related documents (if applicable) are recorded and the money is disbursed to the seller minus escrow fees, prorations, loan payoffs, etc. In Southern California escrow is usually handled by an independent escrow company. In Northern California escrow is generally handled by title insurance companies.
An account held by a mortgage company into which the homebuyer pays money for their tax or insurance payments.
A kind of holding pen for money, which is released after a specific event has occurred. A buyer might put money into an escrow account, which is supervised by a neutral party, such as a financial institution. The financial institution (which would be called the "escrow agent" in this case) releases the money to the seller only after the seller has carried out certain agreed-upon tasks (e.g., deliver a product, complete a work, or perform a service).
A transaction in which an impartial third party acts as an agent for both seller and buyer, or both the borrower and lender, in carrying out instructions, delivering papers and documents and disbursing funds. Usually handled by a title company.
A segregated account for the holding of moneys or documents until specified conditions are met.
1. A special account set up by the lender in which money is held to pay for taxes and insurance. 2. A third party who carries out the instructions of both the buyer and seller to handle the paperwork at the settlement.
A disinterested third party holds funds or documents on behalf of others and subject to their instructions.
a special account set up in which your funds are held to pay for taxes and insurance. “Escrow†can also refer to a third party who carries out the instructions of both the buyer and seller to handle the paperwork at the settlement.
The period between the time you sign a purchase and sale agreement and the close of escrow. A neutral third party (called the Escrow Company) collects the purchase price from the buyer, buyer's down payment, closing costs & loan proceeds and also collects a deed to the property from the seller. At the close of escrow, the Escrow Company will give the sale proceeds to the seller, and the buyer gets ownership and possession of the home.
The process in which a neutral third party or trustee holds documents and funds and carries out instructions agreed to by all parties. Escrow can also refer to an account held by the lender into which the homebuyer pays money that is held for tax and insurance purposes. Escrow accounts must be managed in accordance with federal law and the U.S. Department of Housing and Urban Development (HUD) requirements.
A written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment of some condition. The conditions are stated in the written agreement.
In some western states, the use of a third party who carries out the wishes of the Buyer and Seller in a real estate closing.
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.
An account held into which the home buyer pays money for tax or insurance payments. Escrow can also be a neutral third party to hold funds through the closing of a transaction.
A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer, and delivers them upon performance by the parties. See also Closing.
According to section 17003 of the State of California Financial Code: "...any transactions wherein one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real property or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person to the grantee, grantor, promisee, promisor obligee, obligor, bailee, bailor, or any agent or employee of any of the latter."
Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event.
A neutral third party receives deposit of an item of value, money, or documents that are to be delivered upon the conclusion of a transaction, according to escrow instructions that the buyer and seller have agreed to. Escrow may include the deposit of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents to be disbursed when the real estate sale closes. The third party may be a lender, an attorney or an escrow agent.
An item of value, money, or documents deposited with a neutral, third party to be delivered to another party to a transaction upon the fulfillment of a condition. For example, a buyer's earnest money deposit is put into escrow and is not delivered to the seller until the seller performs concurrent obligations such as transferring legal title into the buyer's name and placing the deed into escrow.
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.
Special account set up by lender to hold money to pay taxes and insurance. Also name for third party who handles paperwork at settlement.
An account held in trust or as security until the occurrence of a certain condition.
Funds given to a third party to be held pending some occurrence. May refer to earnest money, funds collected by a lender for the payment of taxes and insurance charges, funds withheld at closing to ensure uncomplicated repairs or in some states, the entire process of closing.
Funds deposited with a third party to be delivered upon the fulfillment of a condition. A special account created to hold money for taxes and insurance, or to hold deposit money prior to closing.
A deed or other instrument placed in the hands of a disinterested party for delivery upon performance of certain conditions or the happening of certain contingencies.
Funds or something of value set aside and held in trust by a third party, to be delivered or paid upon the fulfillment of agreed upon terms or conditions. Usually for payment of taxes and insurance on real property, or earnest money deposits held pending loan closing.
An account set-up for you by the lender for you where funds for your insurance and property taxes are held until payments are required. The lender typically makes the payments for these expenses from this account.
An impartial third-party stakeholder for both buyer and seller who is responsible for completing paperwork and distributing funds.
A financial deposit put down as a sign of faith until an agreement is fulfilled.
Third party company that holds payment in trust until the seller makes delivery of merchandise to the buyer.
An account held by the lender into which the home buyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing.
A deposit from the borrower that is held in a separate account while the loan is being processed until all conditions are met to fund the loan.
a special account set up by the lender in which money is held to pay for taxes and insurance. An escrow officer is the third party, who carries out the instructions of both the buyer and seller to handle the paperwork at closing.
Money placed with a third party for safekeeping either for final closing on a property or for payment of taxes and insurance throughout the year. Go to Top
A temporary holding account for funds
A deed, contract, or something of value placed in the custody of a third party to be transferred upon fulfillment of a stipulated condition.
The placement of money or documents with a third party for safekeeping pending the fulfillment or performance of a specific act or condition.
Funds held in reserve until a specified event has been completed.
Provides that a third party, acting for both buyer and seller, handles disbursement of funds for specified purposes.
The holding of documents and money by a neutral third party prior to closing; also, an account held by the lender into which a homeowner pays money for taxes and insurance.| | | | | | | | | | | | | | | | | | | | | W | X | Y | Z
Funds that are set aside and held in trust, usually for payment of taxes and insurance on real property. Also earnest deposits held pending loan closing.
Delivery of something of value by a grantor to a 3rd party for delivery to the grantee upon the happening of a contingent event. In some states, all instruments necessary to the sale are delivered to a 3rd party, with instructions as to their use.
Money and documents deposited in a trust account to be held by one party for another. Often used by brokers to hold deposit money prior to closing. Also used by lenders to hold money for taxes and insurance on a home.
The temporary holding by a third neutral party of deposited money pending completion of agreed terms in the sales contract. In some states, all instruments necessary to the sale are delivered to the third party with instructions as to their use. (See the escrow explanation sheet within this page.)
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower's monthly payments on property taxes and insurance.
This is an account held by the lender into which you pay money for tax or insurance payments.
A procedure in which a third party ensures that both the buyer and seller in the settlement process meet requirements. Escrow agents handle paperwork and distribute funds.
The system by which money documents, personal property, or real property is held in trust for another party by a disinterested third party until the terms and conditions of the escrow instructions are completed or terminated.
The delivery of money and/or documents associated with real estate sale to a neutral party for delivery, exchange, or execution at the closing or some other specified time. One such example for “escrow†would be if a home were being sold in NJ in the dead of winter, the Air Conditioning system may not be able to be tested properly. A common practice may be to close on the home, and the seller to place a determined amount of money in “escrow†until the buyer can test the AC system properly. If, at the time of the test, the system is in working order, the escrow money will normally be refunded to the seller. If replacement and or repairs are required, the money to perform such replacement or repairs may be taken from the escrow money (as outlined in the contract).
Funds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event, after which the funds are released.
A transaction in which a third party holds money for the seller or buyer, or for the borrower and lender in order to handle legal documents and disbursement of funds.
Money, securities or other property that is held by a third party until a contract's conditions are met. See: Escrow Receipt
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of certain conditions. Deposits by borrowers of funds to pay taxes and insurance premiums when due are examples.
Funds held by the lender, wet aside for payment of taxes and possible property and mortgage insurance and other recurring charges against real property. (Monthly mortgage payments usually included principal, interest and escrow amounts.) HLMC (Freddie Mac) Federal Home Loan Mortgage Corporation: A federal agency purchasing first mortgages, both conventional and federally insured, from members of the Federal Reserve System and the Federal Loan Bank System.
The process where an independent third party acts as a neutral intermediary for both the buyer and seller. The escrow company will carry out mutual instructions from both parties and handle all the paperwork, prepare and record the deed and distribute funds.
A third party responsible for processing the documents and money in a real estate sale transaction.
Delivery of all necessary sale instruments, including funds.
A fund, deposit, or sum of money delivered to a third person to be returned to the grantee only upon the fulfillment of a condition.
Refers to a third neutral party who carries out the instructions of both the buyer and the seller to handle all closing paperwork. May also refer to an account held by the lender into which the homebuyer makes tax and/or insurance payments.()
Something of value that a third party holds. In terms of home loans, we're usually talking about funds that you give to your lender to pay taxes and insurance premiums when they come due.
A transaction in which an impartial third party acts as an agent for both the seller and buyer, or both the borrower and lender, in carrying out instructions, delivering papers and documents and disbursing funds. ee Simple Absolute ownership of real property.
The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow).
Escrow refers to an account held by the lender into which the homebuyer pays money for tax or insurance payments.
Money held in trust by a third person with directions to use it for a specific purpose.
An instrument, usually a deed but possibly a contract, delivered to a third person to hold until a condition is performed by the proposed grantee.
Closing a real estate transaction when all required documents and funds are placed with a third party for processing and disbursement. This term is also used for the account in which parties place these funds prior to distribution at closing.
A state wherein consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party's legal entitlement to them, on the basis that the legal entitlement will arise at a given point in the future. A form of trust.
Escrow is a term to describe the Title Company's process of obtaining necessary documents and monies to satisfy the lender and borrower's requirements and the recording of particular documents to secure a real estate transaction. Issued at the time of close is a Title Insurance Policy which insures the lender for the amount of the Principal Balance in case title problems arise in the future which were unseen at the time the loan was closed.
A neutral third party or account to hold documents and/or money for a real estate transaction. Ensures all conditions of the upcoming sale are met.
A writing, deed, money, stock, or other property delivered by the grantor, promisor or obligor into the hands of a third person, to be held by the latter until the happening of a contingency or performance of a condition, and then by him delivered to the grantee, promisee or obligee. A system of document transfer in which a deed, bond, or funds is delivered to a third person to hold until all conditions in a contract are fulfilled; e.g. delivery of deed to escrow agent under installment land sale contract until full payment for land is made. Black's Law Dictionary, 5th Edition.
Funds held by the lender, set aside for payment of taxes and possible property and mortgage insurance and other recurring charges against real property. (Monthly mortgage payments usually include principal, interest and escrow amounts.) Also a procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer.
Account held by lender used for homeowner's taxes and insurance.
The holdings of documents or funds by a neutral third party on the behalf of the borrower pending the closing of a loan or payment of real estate taxes, insurance and any such agreements of a contract.
A procedure in which a third party acts as a neutral party for the buyer and seller, carrying out the parties' instructions and assuming responsibility for handling all of the paperwork and distribution of funds.
an agreement where the consideration of a contract or a portion thereof is deposited with a third party known as escrow agent who is authorized to release payment after fulfillment of some conditions.
An account specifically for the purpose of holding funds from a timeshare buyer and a seller. A third-party presence overseeing transfer of funds can guarantee a degree of security during the sale closing process.
The holding and administration of documents and money by a neutral third party prior to the closing of the sale.
A procedure delegated to a specifically licensed company which includes the handling of legal documents and funds on behalf of a seller and buyer.
Funds and documents that are set aside and held in trust by a third party, usually for payment of taxes and insurance on real property. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.
an item being held by a third person (a neutral person) who holds it until the fulfillment of some condition. Evict: to eject a tenant by a judicial proceeding. EVIDENCE: testimony of witnesses and documents which are presented to the court and considered by the court in making a decision. Exculpatory clause: provision or clause which excuses someone from responsibility. Execution: A court order to the sheriff to seize goods the defendant owns. Executor: a person named in a will to dispose of the estate according to the directions in the will. xpert Witness: A person who is qualified by special knowledge or experience to give an opinion on the matter in dispute.
The holding of documents and money by a neutral third party prior to closing. It is also an account held by the lender (or service) into which a homeowner pays money for taxes and insurance.
Neutral third party that carries out the instructions of both the borrower and lender to handle settlement or "closing." Escrow may also refer to an account held by the lender into which the borrower pays for tax or insurance payments.
Transaction involving a third party (escrow agent) where property (deed, bond etc.) are held until all conditions of a contract are fulfilled. At the close of escrow, property is conveyed and monies disbursed.
(1) A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer. (2) Money that is kept by the mortgage company to ensure that taxes can be paid in full when due. This is paid up front on settlement sheet lines 1001 - 1006 and is added to the mortgage payment monthly over the prinicial and interest figure.
A neutral third party to the mortgage transaction that sets aside funds held in trust for payment of taxes, insurance and deposits pending loan closing. Escrow disburses funds to the proper party. Escrow carries out the instructions of both buyer and seller.
A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition.
Escrow is the holding -- by a neutral third party called, naturally, a closing officer -- of important documents and money related to the sale of a house. After a seller accepts a buyer's offer to purchase property, the buyer does not immediately move in. A period follows when contingencies have to be met or waived. During this period, the escrow service holds the buyer's down payment and documents pertaining to the sale. "Closing escrow" means that the deal is completed. Among other duties, the closing officer makes sure that all the players in the transaction -- mortgage companies, real estate agents, and, of course, the seller -- are paid the amount that is due them.
An item in value, money or documents, deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or escrow agent to be disbursed upon the closing of a sale of real estate. In some parts of the country, escrows of taxes and insurance premiums are called impounds or reserves.
Refers to the account held by the lender used to collect property taxes, hazard insurance, and mortgage insurance through the scheduled monthly mortgage payment. Also used to refer to the service provided by the title company who handles the title search and closing on a real estate purchase.
A transaction in which a third party represents both the buyer and seller, or for borrower and lender, involving the handling of legal documents and disbursement of funds. In some parts of the US, escrow of taxes and insurance premiums are referred to as impound or reserves.
Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or "closing." Escrow may also refer to an account held by the lender into which the homebuyers pays money for tax or insurance payments.
An amount set up by the lender into which the borrower makes periodic payments, usually monthly, for taxes, hazard insurance, assessments, and mortgage insurance premiums.
"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 "
Down payment funds from the buyer are held in an escrow account by a third party. This assures the seller that the buyer is capable of making payment. Once all of the conditions of the sale are satisfied, the escrow funds are transferred to the seller and title is transferred to the buyer.
A neutral third party that deals with the financial aspects of a real estate transaction. A deposit is put into escrow, the mortgage lender funds the loan into escrow, escrow pays the realtor commission, pays of any liens/loans on the property and any property taxes and other costs associated with the transfer. The remaining funds are then transferred to the property seller.
Funds held by a lender for the purpose of paying property taxes and insurance as they become due, typically once each year. A portion of each of the borrower's monthly payments goes into these escrow accounts. An escrow is sometimes held by a lender at the loan closing for the purpose of paying for repairs to the property.
agreement between two parties providing that property or items of value are placed with a third party for safekeeping pending the fulfillment of a specified condition.
Money or document held by an independent third party until all conditions of a contract are met. American Way does not act as an escrow agent.
The temporary holding by a third neutral party of deposited money pending completion of agreed terms in the sales contract. This third party acts as stakeholder for both parties' instructions and assuming responsibility for the handling of all paperwork and distribution of funds.
Documentation held impartially pertaining to the sale and transfer of real estate.
A payment, usually included in mortgage payments, held by the lender to meet property taxes and insurance premiums for property securing the loan.
is an amount set aside by the lender to ensure that taxes, insurance and other premiums are paid in a timely manner when due by a third party.
A deed which has been delivered, but which will not become operative until a later date or until certain conditions have been met.
The escrow company is an impartial third party (sometimes affiliated with a title company) that holds documents and funds until all required elements of the transaction have been fulfilled. When the transaction is completed, escrow is said to be "closed." The use of escrow services varies by state.
Funds Held by Lender for Payment of Taxes, Insurance, Etc.
Money or documents, (e.g., a deed), which are held ("in escrow") by a neutral third party until all conditions of an agreement are met.
The deposits of instruments, instructions and/or funds with a neutral third party to carry out the provisions contained within an agreement or contract. These items are held in trust for others until the terms and conditions of the escrow instructions made by the parties to the escrow agent are completed or otherwise terminated.
A deposit of funds by one party for the delivery to another party upon completion of a particular condition or event.
escrow is a word used to denote that an agreement or contract has not come into effect or has been suspended, possibly until such time as a condition is satisfied. Often the document forming the agreement or the contract will be put into the hands of a third party with instructions as to when it can be released. That third party is known as an "escrow agent". Sometimes the word escrow is used to describe an account into which money is placed pending certain conditions having been satisfied.
Account, held by a third party, in which all pertinent materials, currency and paperwork are held until the sale is officially confirmed. After the sale goes through, the funds remains in place as a place in which to deposit additional funds to cover regular mortgage payments, property taxes, homeowners' insurance and incidentals.
is the means by which money (a deposit or down payment) is held by one person in trust for another, for the purpose of assuring performance under an agreement. Normally, in a residential real estate sale, the attorney for the seller is the "escrow agent" for the deposit money securing the deal until closing.
The deposit of instruments or funds with a neutral third party to ensure that the provisions of a contract are carried out to the satisfaction of all parties involved.
An agreement in writing setting up the allocation of funds deposited by the giver or grantor to a third party called the escrow agent for the eventual benefit of the second party called the grantee when certain conditions have been met.
A third-party agent that receives, holds and/or disburses certain funds or documents upon the performance of certain conditions; the closing agent in a real estate transaction.
Money held by a third party for a specific purpose. Earnest money is often held in escrow by a broker until closing. Lenders may hold money in escrow for payment of property taxes and insurance.
A pocedure in which a third (neutral) party holds all funds, documents, etc. necessary to the sale, with instructions from both buyer and seller as to their use and disposition.
A third party able to decrypt messages sent from one person to another. Although this term is often used in connection with the US Government's ``Clipper'' proposals, it isn't limited to government-mandated ability to access encrypted information at will. Some corporations might wish to have their employees use cryptosystems with escrow features when conducting the company's business, so the information can be retrieved should the employee be unable to unlock it himself later, (if he were to forget his passphrase, suddenly quit, get run over by a bus, etc.) Or, someone might wish his spouse or lawyer to be able to recover encrypted data, etc., in which case he could use a cryptosystem with an escrow feature.
The temporary holding by a third (neutral) party of deposited funds pending completion of agreed terms in a sale contract. In some states, all instruments necessary to the sale are delivered to a third party with instructions as to their use. The term "in escrow" is used in some areas to refer to the time from completion of sales contract to transfer of title.
Something of value, such as money or documents, put into the custody of a third party to be delivered upon the fulfillment of specified conditions. For example, a buyer places a down payment in escrow with an attorney to be disbursed when the transaction closes or a borrower places funds in escrow with a lender to pay taxes when they are due.
Money, documents, real estate or securities deposited with a neutral third party (the escrow agent) and then disbursed upon fulfillment of certain established conditions. The escrow agent's role is to protect either side of a transaction from the other side's unauthorized use of funds and to ensure an arms length transaction between buyer and seller.
A neutral third party who acts as an agent for both buyer and seller to see that the agreed upon terms of the transaction are carried out.
Funds that are set aside and held in trust. Usually used for payment of taxes, insurance, etc.
A procedure in which a third party holds a buyer's payment in trust until the buyer receives and approves the item from the seller. Escrow gives buyers and sellers extra peace of mind when they exchange payments and items. Escrow is recommended for purchases of $500 or more. eBay recommends that buyers and sellers use Escrow.com as the escrow company. If a seller suggests a different company, please use caution. Buyers should independently check on any escrow company by ensuring it is bonded and licensed.
The process of holding money in the control of a third party until some certain conditions are met.
Money being held by an agent or another third party pending closing on the property.
A deposit of valuable considerations such as money or documents with an impartial third party. Items of value are placed in escrow to assure the successful compliance of an agreement such as a contract of sale.
A pro c e d u re whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer, and delivers them upon performance by the parties.
Property or money held by a third party until the agreed upon obligations of a contract are met.
Money placed with a third party for safekeeping pending the fulfillment or performance of a specific contract or condition.
A neutral third party who carries out the instructions of both the buyer and the seller to handle all the paperwork of settlement or "closing." Escrow also may refer to an account held by the lender into which the home buyer places money to be used for tax or insurance payments.
The holding of documents and money (such as a deposit) by a neutral third party prior to closing. Also an account held by the lender into which a homeowner pays money for taxes and insurance.
The handling of funds or documents by a third party on behalf of the buyer and/or seller.
Funds, property, or other things of value left in trust to a third party. The escrow may be released upon the fulfillment of certain conditions or by agreement of the parties.
This is a special account or transaction where funds (and sometimes documents) are placed. There are usually specific circumstances attached to the placement of funds and documents into escrow.
The entity that coordinates the transaction with all parties involved and ensures the disbursement of all funds to all parties of the transaction.
A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer, or lender and borrower.
An independent third party, such as First American Title, who acts as the agent for buyer and seller, or for borrower and lender, carrying out instructions of both and disbursing documents and funds. Escrow closes and the transfer of property or document is completed upon fulfillment of certain conditions specified in the written instructions, whereupon the necessary deeds and other instruments are recorded.
Money, securities, or other property placed in the keeping of a third party until obligations by the other two sides, set out in the escrow agreement, have been fulfilled.
A deed, writing or fund delivered to one person to be held until specified acts are performed or certain conditions are met.
A third party service that will essentially hold on to the buyer’s payment when selling a domain name, thereby protecting both the buyer and seller.
special account set up by the lender in which money is held to pay for taxes and insurance. "Escrow" can also refer to a third party who carries out the instructions of both the buyer and seller and completes the paperwork at the closing.
A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met.. Escrow also refers to a special account that a lender establishes to hold monthly installments from the borrower to cover property taxes and insurance.
A condition existing where a deed is held conditionally by a third party.
A trust arrangement by which one or more parties deposit things of value with an authorized escrow agent in accordance with the terms of a real estate agreement.
Money or other valuables given to a third party with directions to deliver them to another party upon the fulfillment of a specific act or condition.
The deposit of instruments and funds with a third neutral party with instructions to carry out the provisions of an agreement or contract. A complete or perfect escrow is one in which everything has been deposited to enable carrying out the instructions. The neutral third party (stakeholder) who holds deeds or other documents pursuant to instructions for delivery upon completion or occurrence of certain conditions. Back to the Top
A third party agent that receives, holds, and/or disburses certain funds or documents upon the performance of certain conditions. For example, an earnest money deposit is put into escrow until the transaction is closed. Only then can the seller receive the deposit.
A fee charged by the escrow as a neutral third party to carry out the procedures necessary to transfer ownership of property.
A document which has been sealed and delivered to a person who is not a party to it on the understanding that it is not to take effect until some event happens or some condition is fulfilled.
A third-party account set up for the purpose of holding monies between the buyer and a seller during a sale. This could include the down payment, closing costs, and final amount to purchase the timeshare. Timeshare closing companies can not only prepare the paperwork for transferring the property, but hold the monies in escrow.
A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties' instructions and assuming responsibility for handling all of the paperwork and distribution funds.
A third-party holds funds in an account to help with security in the closing of a timeshare
Money, securities, or other property or instruments held by a third party until the conditions of a contract are met.
An account into which a lender deposits a portion of the borrower's monthly payment that is used to pay property taxes and hazard insurance premiums as they become due.
Money that is held as deposits toward the purchase or is set aside so that the lender can pay taxes; hazard, flood and mortgage insurance; and other special costs connected with owning property. In some areas, the term "escrow" also refers to the closing process. The escrow account may or may not be interest-bearing.
Escrow refers to an item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition.
Escrow is a way to put things in the neutral zone while the closing of the house takes place. Escrow is the deposit of documents and funds with a neutral third party. This third party person, or the "escrow agent," is given specific instructions as to how the documents and funds should be disbursed. An escrow agent acts as a referee for the exchange and distribution of those documents in connection with transfer or financing of real property. Because an escrow agent represents neither the seller nor the buyer, the escrow agent can act on each party's behalf according only to the written instructions received. Back
A transaction in which a third party, acting as the agent for the buyer and seller, carries out instructions of both parties and assumes the responsibilities of handling the paperwork and disbursement of funds.
The placement of money or documents with a third party for safe-keeping pending the fulfillment of a specified condition.
1. In a real estate transaction, a neutral third party holds the money in a bank account (escrow) and related documents until all conditions of the property sale are met. 2. An account in which money for property taxes and insurance is held until paid. Money is added to the account every time a mortgage payment is made.
An account established by the lender which holds money from your monthly mortgage payment to pay property taxes and homeowner's insurance. (Return to the top of the page.)
The holding of important documents and money related to the purchase sale of real estate by a neutral third party (the escrow officer) prior to the close of the transaction. After the seller accepts an offer, the buyer doesn't immediately move into the house. A period when contingencies have to be met or waived exists. During this period, the escrow service holds the down payment and other buyer and seller documents related to the sale. "Closing escrow" means that the deal is completed. Among other duties, the escrow officer makes sure that the previous mortgage is paid off and the loan is funded.
A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds.
The third party stakeholder that handles all contracts and documents needed from both buyer and seller and that those documents are fulfilled according to escrow instructions.
An impartial holding of documents pertinent to the sale and transfer of real estate; also the term used to describe the long-term holding of documents, such as with seller financing. Called a long-term escrow or escrow collection.
A special secured account used to hold funds from the buyer and the seller related to closing of purchase and/or sale of any property. Return to the Top of the Page
In the sale of property, a neutral third party-the escrow agent-is appointed to act as custodian for documents and funds during the transfer from seller to buyer. The funds can include taxes and mortgage insurance.
A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met before any disbursement of funds or articles.
Documents entrusted to a disinterested third party who assumes responsibility for disbursement of paperwork and funds.
A system or document transfer in which a deed, bond, or fund is delivered to a third person to hold until all conditions of a contract are fulfilled.
Money, securities, documents, or other property deposited with a third party to be held by the third party (called the escrow agent) until the happening of a future event and then to be delivered to the designated party. In some states nearly all real estate transactions are closed through the use of escrow.
The contract between two parties which is governed and controlled by an independent disinterested third party (the title company) under which the requirements are met to transfer real property ownership from one party to the other.
An agreement providing that certain instruments or property be deposited with a third party to be delivered upon the fulfillment or performance of a specified act or condition. Also refers to a special account that a lender uses to hold a borrower's monthly payments on property taxes and insurance.
A deed or other document held by a neutral third party until a condition is fulfilled. Usually in real estate transactions.
The holding of something of value by a person (escrowee or escrow agent) for the benefit of other parties.
earnest money deposits held before closing and usually applied to the sale price of the property.
Two or more people deposit money or valuables with an independent third party until terms of a contract are fulfilled.
A way of closing on a home that requires the buyer and seller to transfer fees and documents to a neutral third party. You may complete your home's purchase/sale in escrow, depending on where the property is located. How escrow works varies, but in general: (1) the buyer and seller sign an agreement requiring them both to hand over all the closing fees and documents to a neutral third party, called an escrow agent (2) the escrow agent distributes the money and documents to the proper party, such as the lender or title company (3) the escrow is considered "closed." Escrow doesn't require any meeting between the buyer and seller. Though, if any change needs to be made to how escrow is handled, it must be mutually agreed on.
A legal arrangement where a thing (money, property, titles, deeds, etc.), is delivered to a third party agent to be held in trust until contractual arrangements are met.
A deed delivered subject to a condition that it is not to operate until that condition is fulfilled.
The closing of a real estate transaction through a neutral third party who holds funds and documents until specific conditions have been met.
In California and some other states, the settlement agent who handles the closing of a purchase transaction is an Escrow Company. In other states, escrow accounts, also known as impound accounts in some areas, are lender established accounts into which the borrower makes regular payments and periodically the lender pays some or all of the following on behalf of the borrower: mortgage insurance premiums, property tax payments, and/or casualty insurance premiums. These are usually required by mortgage insurance companies where the LTV of the original loan was greater than 80%. The reason for this is that on such loans, the borrowers' equity in the property is not high and if the lender were to have to foreclose, he does not want ALSO to have to make up back taxes payment.
A written agreement among parties, requiring that certain property/funds be placed with a third party. The object in escrow is released to a designated entity upon completion of some specific occurance.
The act of a third party (perhaps a title company) holding a document, property or money of another until the happening of a contingency or performance of a condition where the third party (called the escrow agent) would then be required to release what was being held. Example: an escrow agent holds money to pay for the painting of a room that was promised in the contract between a buyer and a seller, but was not completed in time for the closing. Exception: A provision in a title insurance binder or policy, which excludes liability regarding a specified title defect or an outstanding lien or encumbrance.
A written agreement among three or more persons, under which documents or property being transferred from one person or another are placed with the third person as custodian; the transfer is completed only upon the fulfillment of certain specified conditions.
An independent agent, who holds all the funds and acts as a go between in bringing the transaction to a close.
A special non-interest bearing account used by attorneys and Realtors to hold down payments, earnest money, and funs from closing for a specified clearing period of custom allows.
Temporary deposit with a third party of assets by agreement between two parties to a contract. The money is released when the conditions of the contract are fully accomplished.
An account held by a neutral party who is given instructions for disbursement of funds on transfer of ownership of a property.
The placement of money and documents with a third party for safekeeping until a home sale closes or until specific contractual obligations have been fulfilled. Escrow also refers to an account, maintained by a loan servicing department, which serves as a trust fund to pay taxes, insurance or other costs associated with home ownership.
The deposit of instruments and funds with instructions to a third neutral party (Escrow Agent) to carry out the provision of an agreement or contract: when everything is deposited to enable carrying out the instructions, it is called a complete or perfect escrow.
Escrow includes funds given to a third party to be held until a specific occurrence; may refer to earnest money deposit; can also include a lender collecting and paying the taxes and insurance on behalf of the borrower.
A separate account that lenders put non-loan funds, such as property taxes (often required to be paid from an escrow, which changes your total payment amount once per year), or homeowners insurance.
The closing of a transaction through a third party called an escrow agent, or escrowee, who receives certain funds and documents to be delivered upon the performance of certain conditions outlined in the escrow instructions.
(1) A third party account that holds money safely while a sale is in progress. (2) An account used to save monies required for the payment of an eventual debt. Often used by lenders to save for property taxes, hazard insurance, homeowner's dues, etc. Escrow accounts are typically non-interest bearing for the contributors, but may pay interest to the entity holding the account (lenders, title companies, lawyers, etc.).
In some states, the independent party in a transaction that ensures all parties perform as agreed.
An account set up by the lender in which funds are held until the conditions of a contract are met or until payments from the account become due (e.g., insurance, property taxes, etc.)
Property, such as money or securities, held by a third party until a contract’s conditions are met.
An account held by a third party into which the home buyer pays money for tax or insurance payments as well as earnest deposits held for disbursement at loan closing.
The holding of documents and money, by a neutral party, for a real estate transaction, to ensure that all conditions of the sale are met. Alternately, referring to a special account that a lender uses to hold a borrower's monthly payments for property taxes and insurance.
A designated neutral party that handles documentation, paperwork, and disperses payments between separate parties to effect the sale of property.
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 or condition. Generally upon written instructions called "an escrow agreement."
Placing something of value (money, documents, property, etc.) with a third party to be delivered upon the fulfillment of a condition. For example, earnest money deposits held pending loan closing
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A deed, contract, or something of value deposited with a disinterested third party, to be delivered upon the performance of certain conditions by the parties involved; e.g., an attorney or escrow agent taking custody of funds and documents upon the closin
is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.
1. Neutral third party appointed to act as a custodian for documents and funds during the transfer of property from seller to buyer or in the course of refinancing property.
A reference to a neutral third party which holds the assets or items specific to a transaction until all elements and conditions of that transaction have been satisfied.
Funds paid by one party to another to hold until a specific date when the funds are released to a designated individual. Generally, an escrow account refers to the funds a mortgagor pays to the lender along with their monthly principal and interest payments for the payment of real estates taxes and hazard insurance. This is also referred to as impounds. The money is held by the lender to make payments when they are due. An escrow can also refer to funds that are held by a third party to insure the completion of repairs or improvements that must be completed on the property but that cannot be done prior to closing.
A transaction in which a third party, acting as the agent for the buyer and the seller, carries out instructions or both, then assumes the responsibilities of handling all the documents and disbursement of funds.
Money, securities, documents or other property deposited with a third disinterested party who completes the transaction in accordance with the instructions of the parties.
In real estate, it is the state or condition of a deed which is conditionally held by a third party, called the escrow agent, pending the performance or fulfillment of some act or condition.
An account set aside by the lender and paid by the home buyer for the purpose of making tax and insurance payments.
A process in which a neutral third party holds documents, money, or other property until agreed upon conditions are fulfilled.
The holding of documents and money by a neutral third party before closing. Escrow also is an account held by the lender for future payments of taxes and insurance.
The process of placing an amount of money and documents with a neutral third party, called an escrow agent, who's given the authority to deposit, disburse and distribute to the proper parties all the money and documents involved in a real estate transaction. The purpose is to protect both the buyer and seller in the transaction from the other side's unauthorized use of funds and ensures an arm's-length transaction between both sides. Also commonly used to mean an escrow account or impound account, required by many lenders and held by the lender during the term of the loan. This deposit is used to hold the borrower's advance payments toward insurance and property taxes until they become due.
When the performance of something is outstanding and a third party holds onto money or a written document (such as shares or a deed) until a certain condition is met between the two contracting parties.
Funds held in reserve both prior to closing (for example the earnest money and deposit) by a third party and after closing by the mortgage company to pay future taxes and homeowners insurance. In some areas, "escrow" also refers to the closing process.
money paid into an account in the name of a third party which is then released once certain conditions have been fulfilled
A recommended method of completing a transaction involving purchases of $500 or more. A licensed and regulated third party, normally an escrow service, collects and holds a buyer's money until all previously agreed upon terms of sale are met. Once a buyer accepts an item from the seller, payment to the seller is made by the escrow service. GoFastAuction recommends using Escrow.com, but buyers are encouraged to ensure any escrow service used is properly licensed and bonded.
Escrow is a legal arrangement in which an asset (often money, but sometimes other property such as art, a deed of title, website, or software source code) is delivered to a third party (called an escrow agent) to be held in trust pending a contingency or the fulfillment of a condition or conditions in a contract such as payment of a purchase price. Upon that event occurring, the escrow agent will deliver the asset to the proper recipient, otherwise the escrow agent is bound by his or her fiduciary duty to maintain the escrow account.
An agreement whereby certain individuals and corporations must retain stock and not sell for a given time. Directors of newly listed company may have shares put in escrow.
Usually refers to vendor shares when a company is newly listed. These shares cannot be traded on the Stock Exchange until a certain time has elapsed from the date of listing.
The residual value of a business or property beyond any mortgage thereon and liability therein.
A term used in the vending industry which refers to the dollar bill acceptor, when the dollar bill is in a position that could return the dollar bill back to the consumer.
Executor Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac)
Exchange Exchange Company
Face value