escrow Hear it!

escrow definition - legal

n

An arrangement under which something (money, a document, or property) is held in trust by a third party until the occurrence of a condition allowing its release to a party to an underlying transaction. For example, a down payment may be held in escrow, typically by the realtor or a lawyer, until the closing of a real estate transaction.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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