escrow agent

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Escrow Agent

A third party who agrees to hold funds or assets in escrow. The escrow agent provides this service to two parties in a transaction until certain conditions are filled. The escrow agent holds the assets until the transaction is finalized and then gives them to the appropriate party. See also: Bulk sales escrow.

Escrow agent.

An escrow agent is the person or group that holds certain of your assets in an escrow account while you negotiate the final terms of a contract.

For example, if you are buying a home, the escrow agent would hold the down payment you make when your offer is accepted until the purchase is finalized.

escrow agent

A person or firm who agrees to hold funds for others and disburse them according to lawful instructions.

References in periodicals archive ?
They include abstracters, auctioneers, real estate appraisers, title agents, title searchers, closing agents or escrow agents, title-opinion lawyers, witness closers and notary publics.
Mortgage Consultants, Real Estate Attorneys, Escrow Agents, Title Consultants and managers, For Sale By Owner.
The final distribution is a result of the conservator's settlement agreement in the amount of $450,000 with Escrow Agent's Fidelity Corporation (EAFC), a company that insures certain losses incurred by independent escrow agents.
The Department will make a third distribution if its claim to the Escrow Agents Fidelity Corporation, which insures certain losses incurred by independent escrow agents, is approved.
This case serves as a reminder to online consumers to do their homework and be certain they're dealing with licensed escrow agents when buying or selling merchandise on the Internet," said Commissioner Boutris.
Breaking away from the trend of in-house, broker-owner escrow service agencies, West Escrow has formed as an independent escrow company, licensed by the California Department of Corporations and insured as a member of the Escrow Agents Fidelity Corporation.
TitlePac(R), the largest single producer of title E&O in the United States, and KEMPES, a Kemper company, Monday announced a new partnership under which TitlePac(R) will underwrite title agents, abstracters and escrow agents errors and omissions liability insurance, on behalf of KEMPES.
Anyone who has ever employed the services of title or escrow agents should periodically check our Web site to see if they are entitled to recovered funds since new names are added weekly," said Connell, whose office released a database of people currently owed funds.
The firm's escrow agents can notify the accounting department in minutes rather than days whenever an escrow check is issued or deposited, providing for a far more timely flow of financial information.
XL Group and RPS/Plus Companies have expanded their underwriting partnership to bring professional liability insurance to another class of business -- title & escrow agents.