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 ?
Following the announcement of the real estate law number (3) of 2015 in the capital, Abu Dhabi Commercial Bank (ADCB) has obtained the first escrow agent registration certificate from the Department of Municipal Affairs (DMA), upon signing the agreement with the governing body.
E&O insurance offered for: Advertising agencies or public relations agencies, collection agencies, consultants, other, employee leasing companies, employment agencies, escrow agents, information technology professionals, media professionals (publishers, broadcasters, etc.), printers, property managers, staffing firms, technology and telecommunications services, real estate management and development firms, business brokers, telemarketing firms.
The latest effort, outlined March 14 by officials at the Department of Housing and Urban Development, would transform the good-faith estimate into a comparison-shopping tool, force lenders to guarantee that their estimates are on the money, and walk borrowers step-by-step through closing procedures with a new consumer-friendly "script" for settlement and escrow agents nationwide.
Some organisations, including the Mortgage Bankers Association, believe that the definition of real-estate parties should be limited to escrow agents, lawyers and others who play a more direct role in the closing or settlement process.
As escrow agents, the plaintiff's attorneys were "obligated to secure the funds and ...
"The average taxpayer never sees their assessment notice, and a lot of people don't pay their real estate bills - it's paid by escrow agents - so they can use this to review their accounts," said Peter J.
To take advantage of the scheme's LEAF capability, government officials legally authorized to conduct a wiretap would need to obtain key components held by two separate escrow agents.
But good escrow agents, being the creative crew that they are, look beyond the common uses to find fresh ideas -- new ways of making customers' lives easier.
In the meantime, HUD's greater use of private contractors set the stage for two of the subsequent breakdowns: 1) HUD increased its reliance on private escrow agents like Marilyn Harrell, who handled the sales of foreclosed properties, but frequently failed to forward the funds.
On behalf of the Authority, solicit bids for and generally assist in the procurement of lenders/purchasers/underwriters of the Authoritys debt, liquidity providers, remarketing agents, credit enhancers, printers, trustees, paying agents, escrow agents and similar matters, where necessary; iv.