Escrow
From The Art and Popular Culture Encyclopedia
|
Related e |
|
Featured: |
An escrow is:
- a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or
- an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or,
- a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums.
The word derives from the Old French word Template:Lang, meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed.
[edit]
See also
- Closing (real estate)
- Commingling
- Custodian bank
- Double escrow
- Power of attorney
- Real estate
- Stewardship
- Source code escrow
Unless indicated otherwise, the text in this article is either based on Wikipedia article "Escrow" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.
