Glossary

An escrow account is a temporary financial account managed by a neutral third party that holds funds securely during a transaction between two or more parties.

An escrow agent is the neutral third party - either an individual, company, or financial institution - responsible for holding and managing funds in an escrow account throughout a transaction.

An escrow bank is a financial institution that provides escrow account services and physically holds the funds during escrow transactions.

An escrow company is a business that specializes in providing escrow services - holding and distributing funds between parties in a transaction.

An escrow deposit is the initial funds placed into an escrow account by one party to secure a transaction.

An escrow payment is a payment released from an escrow account to a specific recipient once all agreed-upon conditions have been fulfilled.