escrow agent

Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.

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 ?
For title and escrow agents who can find themselves needing to defend their work, our expertise and tailored professional liability coverage helps protect their livelihoods and reputations.
Pippen that an escrow agent has the duty to exercise a high degree of care to conserve money entrusted to him or her and to pay only those individuals entitled to receive that money.
As a neutral third party, the escrow agent will set up the contract, safeguard the assets, and manage the account.
It would allow the general export of software encryption products with unclassified algorithms provided the products meet two criteria: (1) the key size is no more than sixty-four-bit keys and (2) there is an acceptable key escrow mechanism, including the use of approved key escrow agents.
Brokers can help protect a client's position by encouraging the use of an escrow agent," said William Voss, president of ESNY.
Kopel and financial advisor Baruch Halpern, serves as escrow agent in any situation where third-party funds are involved in a transaction.
All funds and securities held in this account will be used by the escrow agent for the payment of principal and interest on the refunded bonds, when due at maturity or early scheduled redemption, on Jan.
The escrow agent holds funds irrevocably for the benefit of the refunded bondholders.
BPXA will pay the $29,469,081 settlement amount into an interest-bearing escrow account with an escrow agent agreed to by the parties.
Most of the escrow is in the form of letters of credit being held by the escrow agent.
The escrow agent is directed to use this fund solely for the purpose of paying debt service on the refunded bonds.
The current rating reflects the fact that the refunded bonds are secured by an irrevocable escrow account held in trust by the escrow agent, The Bank of New York.