V2 Vocabulary Building Dictionary
Definition: an agreement monitored by a third party
Synonyms: third party review, holding, review
Tips: You will most often encounter the word escrow in the context of a real-estate transaction. When you purchase a house, all of the paper work between the buyer and the seller is sent to an escrow agent to monitor and finalize the sale. Before completing the sale, each side must meet conditions defined in the contract. The escrow company monitors the sale and acts as an intermediary for the funds, before they are released to the seller.
Due to ambiguous language in his will, his estate was held in escrow until the executor could determine to whom the estate should go. (third party holding)
If your offer on the house is accepted by the seller, the house goes into escrow to make sure the deal is completed to everyone's satisfaction. (third party review)
The money was placed in escrow until the title on the property was delivered. (third party holding)
Some motor homes are so large and expensive, they require escrow. (third party monitoring)
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