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 ?
In view of the regulatory scheme, the trial court reasonably found that a certificate of insurance coverage for an escrow agent is a written instrument, the alteration of which supports a forgery charge because it is a public record with legal efficacy.
The buyer sends it to the lender, title company or escrow agent, who holds it in preparation for the closing and filing--the security agreement is filed with the FAA to record a lien on the airplane in favor of the lender.
In the following Sections, we will discuss design issues (including more detail on triggering events, interim reporting, and matching criteria) and legal issues (including the legal relationship between the escrow agent and the escrow depositors, and what duties, if any, are owed to the accused).
Given the size of this escrow and its visibility, it became clear that the closing agent could not serve as the escrow agent and that an official-sector institution was needed.
And even under federal law, such exchanges have to go through an escrow agent, to make sure that funds aren't commingled with any other.
Stroock, in court filings, said it had a "nominal" role in the transaction, serving as the lawyer and escrow agent for Extell, and had no "duty of care" to the plaintiff.
To implement the agreement the stockholders transfer their stock certificates to the escrow agent, and further have the escrow agent purchase life insurance on each stockholder.
If the amount of the contract is substantial, consider mitigating your risk by requiring escrow funds (can be deposited with an escrow agent or law firm) or collateral (an asset that creditors agree to allow you to have if they don't pay).
In escrow states, verification of funding to the title agent, not the escrow agent, is required.
This bill provides that an unauthorized person may not, in connection with the purchase and sale of real property: transact business using the term "escrow" or words of similar import; or circulate, simulate, or advertise that the business is regulated as an escrow agent. These restrictions do not apply to: certain financial institutions; attorneys; persons licensed pursuant to chapter 475 (real estate brokers, sales associates, schools, and appraisers); title insurance agents licensed pursuant to s.
Funds for the payment of the purchase price of your life insurance policy will be disbursed to you by an escrow agent to complete the sale of your life insurance policy to the life settlement provider within two (2) business days after all of the conditions to closing have occurred, including, without limitation, the life settlement provider's receipt from the insurer of acknowledgement that ownership of the policy has been transferred and the beneficiary has been designated.
(8) When the government made the payment to the escrow agent, the DSCC set off amounts owed by CCP under unrelated contracts.