Escrow is money or property which is given to someone, but which is kept by another person until the first person has done a particular thing or met particular requirements.
[mainly US, law]
They had $96,000 in their escrow account.
His stake has been held in escrow since the start of the year.
escrow in British English
(ˈɛskrəʊ, ɛˈskrəʊ) law
noun
1.
money, goods, or a written document, such as a contract bond, delivered to a third party and held by him or her pending fulfilment of some condition
2.
the state or condition of being an escrow (esp in the phrase in escrow)
verb(transitive)
3.
to place (money, a document, etc) in escrow
Word origin
C16: from Old French escroe, of Germanic origin; see screed, shred, scroll
escrow in American English
(ˈɛsˌkroʊ)
noun
Law
a written agreement or something of value put in the care of a third party and not delivered until certain conditions are fulfilled
Idioms:
in escrow
Word origin
OFr escroue, roll of writings, bond < ML scroda < MDu schrot, piece cut off: see shred
escrow in Finance
(ɛskroʊ)
noun
(Finance: General)
Escrow is money held by an independent third party to facilitate a financial transaction between two other parties.
The remainder of the money will be held in escrow until a judge determines who is entitled to the proceeds.
A purchaser will deposit a fund into the escrow account and the money won't be released to the seller till a guaranteed deliveryis made.
Escrow is money held by an independent third party to facilitate a financial transactionbetween two other parties.