« Back to Glossary Index

-Funds or a piece of property held by a third party until certain conditions are met by both buyer and seller.
-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.

« Back to Glossary Index