ESCROW Meaning and
Definition
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Escrow is a legal and financial arrangement that involves a third party holding and managing funds, documents, or assets on behalf of two or more parties involved in a transaction. The escrow agent, often a neutral and trusted entity such as a bank, attorney, or title company, serves as a mediator between the buyer and seller to ensure a smooth and secure transaction.
In real estate transactions, the buyer typically puts down a deposit, known as earnest money, into an escrow account to signal their commitment to purchase the property. The funds are held by the escrow agent until certain conditions are met, such as a successful home inspection, obtaining financing, or completing necessary paperwork. Once all conditions are satisfied, the funds are released to the seller. If the transaction falls through, the escrow agent can facilitate the return of the funds to the buyer or resolve any disputes regarding their distribution.
Escrow is also commonly used in online transactions, particularly for high-value purchases or when buyer and seller are unfamiliar with one another. In this context, the escrow agent secures the purchase price from the buyer and holds it until the seller delivers the goods or services as agreed. This protects both parties from potential fraud or non-compliance, as the funds are only released if the product or service meets the agreed-upon terms.
Overall, escrow acts as a safeguard in various transactions by providing a trusted intermediary to hold and distribute funds, documents, or assets, ensuring fairness, security, and mutual protection for all parties involved.
Top Common Misspellings for ESCROW *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for ESCROW
Etymology of ESCROW
The word "escrow" originated from the Old French word "escroue" or "escroe", which means a "scroll" or a "scrap of paper". It was used in the context of a written agreement or a document. The term further evolved to "escrowe" in Middle English, referring to a bond or written deed held by a third party.
The word "escrow" as it is known today emerged in the 19th century in the legal and financial sectors. It began to be used specifically to describe the process of placing money, documents, or other valuable assets into the care of a neutral third party until specific conditions or obligations were fulfilled.
Overall, the term "escrow" reflects the historical practice of using written scrolls or documents to secure assets in a neutral third party's possession until certain conditions were met.
Idioms with the word ESCROW
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in escrow
The idiom "in escrow" refers to a financial arrangement where a third party, such as a bank or attorney, holds money or property on behalf of two parties involved in a transaction. The funds or assets are held in escrow until certain conditions or obligations of the transaction are fulfilled, providing protection and assurance to both parties.
Similar spelling words for ESCROW
Conjugate verb Escrow
CONDITIONAL
I
would escrow
you
would escrow
he/she/it
would escrow
we
would escrow
they
would escrow
CONDITIONAL CONTINUOUS
I
would be escrowing
you
would be escrowing
he/she/it
would be escrowing
we
would be escrowing
they
would be escrowing
CONDITIONAL PERFECT
I
would have escrow
you
would have escrow
he/she/it
would have escrow
we
would have escrow
they
would have escrow
CONDITIONAL PERFECT CONTINUOUS
I
would have been escrowing
you
would have been escrowing
he/she/it
would have been escrowing
we
would have been escrowing
they
would have been escrowing
FUTURE
I
will escrow
you
will escrow
he/she/it
will escrow
we
will escrow
they
will escrow
FUTURE CONTINUOUS
I
will be escrowing
you
will be escrowing
he/she/it
will be escrowing
we
will be escrowing
they
will be escrowing
FUTURE PERFECT
I
will have escrowed
you
will have escrowed
he/she/it
will have escrowed
we
will have escrowed
they
will have escrowed
FUTURE PERFECT CONTINUOUS
I
will have been escrowing
you
will have been escrowing
he/she/it
will have been escrowing
we
will have been escrowing
they
will have been escrowing
IMPERATIVE
you
escrow
we
let´s escrow
to escrow
PAST
I
escrowed
you
escrowed
he/she/it
escrowed
we
escrowed
they
escrowed
PAST CONTINUOUS
I
was escrowing
you
were escrowing
he/she/it
was escrowing
we
were escrowing
they
were escrowing
PAST PARTICIPLE
escrowed
PAST PERFECT
I
had escrowed
you
had escrowed
he/she/it
had escrowed
we
had escrowed
they
had escrowed
PAST PERFECT CONTINUOUS
I
had been escrowing
you
had been escrowing
he/she/it
had been escrowing
we
had been escrowing
they
had been escrowing
PRESENT
I
escrow
you
escrow
he/she/it
escrows
we
escrow
they
escrow
PRESENT CONTINUOUS
I
am escrowing
you
are escrowing
he/she/it
is escrowing
we
are escrowing
they
are escrowing
PRESENT PARTICIPLE
escrowing
PRESENT PERFECT
I
have escrowed
you
have escrowed
he/she/it
has escrowed
we
have escrowed
they
have escrowed
PRESENT PERFECT CONTINUOUS
I
have been escrowing
you
have been escrowing
he/she/it
has been escrowing
we
have been escrowing
they
have been escrowing
I
would have escrowed
we
would have escrowed
you
would have escrowed
he/she/it
would have escrowed
they
would have escrowed
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