Escrow

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Related to Escrow Agreement: Escrow account

Escrow

Property or money held by a third party until the agreed upon obligations of a contract are met.

Escrow

A certificate stating that an asset is being held by a third party on behalf of two parties to a transaction until certain conditions are filled. An escrow agreement is issued by the bank or other institution holding the asset in escrow and is useful to prove to one party or the other that the escrow has in fact taken place. See also: Escrow agent.

escrow

The holding of assets (that is, securities) by a third party.

Escrow.

When someone else holds assets of yours until the terms of a contract or an agreement are fulfilled, your assets are said to be held in escrow. The assets could be money, securities, real estate, or a deed.

The person or organization that holds the assets is the escrow agent, and the account in which they are held is an escrow account.

For example, if you make a down payment on a home, the money is held in escrow until the sale is completed or the deal falls through.

Amounts you prepay to cover property taxes and insurance premiums as part of your regular mortgage payment are also held in escrow until those bills come due and are paid. In that case, you may earn interest on the amount in the escrow account.

escrow

The process in which money and/or documents are held in trust by a disinterested third party who will consummate the instructions of the parties as expressed in their contracts.The third party is called the escrow agent.The escrow agreement usually contains a clause providing that if the parties disagree about something and are unable to resolve their differences, the escrow company will pay all money on hand into court in an action called an interpleader,name the disputing parties as defendants,disclaim any interest of its own in the property except for reimbursement for costs and expenses of bringing the interpleader action, and then let the parties battle it out in court. This effectively takes the escrow company out of the middle of any disputes and avoids liability on its part.

References in periodicals archive ?
Among other things, it offers a range of different escrow agreements.
In the Home Loan case, the title insurer took the position that its fiduciary duty was limited to carrying out the terms of the real estate contract and escrow agreements, and to disclose any actual knowledge of a fraudulent scheme directed toward the lender.
Although we have seen parties establish escrow agreements, where the payment of monies is part of the release of the code to the client, these instances are rare because many buyers don't feel right "paying more" after a developer they have already paid has failed to perform.
Escrow agreements may amount to unprofitable contracts as they result in the disposition of potentially valuable rights.
Finally, if an escrow agreement is established by a seller after a buyer has made available the full amount of the purchase price, regardless of the terms of the escrow (i.
It is up to the contract negotiators to determine the level of protection required and to make sure the escrow agreement is crafted to their specifications.
org and other related domain names in compliance with the Escrow Agreement between Reservella Ltd and GGF.
Contract notice: Mav network level group - part of the work covered by protective clothing top clothing warehouse sale and purchase escrow agreement.
In the end, the escrow agreement helps to motivate the developer to quickly resolve any disputes with end-users, while providing a tool for the end-user to limit risk if a resolution is not reached.
Many subcontractors, however, will not do business with a prime without an escrow agreement because they simply do not trust the prime to tender payment in a timely fashion.
Coates is pleased to report that, during the third quarter, it has received additional payments aggregating $805,000 required under its Escrow Agreement with Well to Wire Energy, Inc.