The state of property deposited with an escrow agent.
In common law, escrow applied to the deposits only of instruments for conveyance of land, but it now applies to all instruments so deposited.
A written instrument, such as a deed, temporarily deposited with a neutral third party (the escrow agent), by the agreement of two parties to a valid contract. The escrow agent will deliver the document to the benefited party when the conditions of the contract have been met. The depositor has no control over the instrument in escrow.
Money or other property so deposited is also loosely referred to as escrow.
To place in escrow.
The obligation for the proper custody, care, and safekeeping of property or funds entrusted to the possession or supervision of an individual.
A duty, obligation or liability for which someone is held accountable.
The state of being responsible, accountable, or answerable.
The obligation to carry forward an assigned task to a successful conclusion. With responsibility goes authority to direct and take the necessary action to ensure success.
The state of being liable, culpable, or responsible for something in particular.