Escrow


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Related to Escrow: Escrow account, Escrow payment

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 ?
However, after the FBR's press conference on August 29, it seemed the exporters would again need to get verification done due to the opening of an escrow account.
How do you assign a percentage to escrow? Escrow can be a negotiated item.
Borrowers should keep in mind that in order to retain the interest earnings on their deposits, they must incur the upfront fee required to waive escrow.
The civic body is making studious efforts to facilitate the procedures for developers, escrow account trustees and all parties of relevance to real estate market.
cash deposit of 20 per cent of construction value of the project in the designated escrow account and thereafter applying to RERA for its no objection certificate to sell off plan;
This agreement will enable Aldar Properties to have escrow accounts for the recently announced Yas Acres, a golf and waterfront development comprising 1315 villas and townhouses, on Yas Island.
* review the escrow account annually to determine if any changes must be made (if the insurance costs or taxes increase or decrease);
In a typical M&A transaction, roughly 10 to 20 percent of a deal's value is deposited into an escrow account upon closing, where it is generally held for one to two years.
The escrow release condition was satisfied as the net proceeds from Bombardier's issuance and sale of subscription receipts have been released to Bombardier.
Summary: Former US vice president files lawsuit claiming owners of Al-Jazeera America took back $65 million placed in escrow for sale of his cable channel.
In some cases, you can use an escrow. The escrow will hold the title of the property for you until you want to sell it and/or follow instructions during your ownership of the property.
We begin in this Section with the relationship between allegation escrows and the antidiscrimination mandates of Title IX and Title VII, and then turn to the legal relationship between the escrow "agent," the depositor, and the sponsoring institution.