WordValenoun
escrow
money held by a third party until conditions are met
In more detail
1. (noun) a legal arrangement where a neutral third party holds money or documents during a transaction and releases them only when all conditions are met
2. (noun) the money or documents held by this third party
Examples
- 1. The buyer's down payment was held in escrow until the house inspection was completed.
- 2. The funds will be released from escrow once both parties sign the final agreement.
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