escrow
Third-party holding
Escrow is a financial arrangement where a third party holds money or property until specific conditions are met.
In real estate, an escrow account holds the buyer's deposit until closing: The house is in escrow.
The term extends to any situation where something is held pending fulfillment of terms.
To escrow funds is to place them in such an account.
Final stage of something
- purchaseGoods obtained for payment
- saleExchange for payment
- depositPlace for safekeeping
- earnest moneyPayment showing serious intent
disbursement · settlement · contingency · holdback · title company · buyer · seller · funds
Secured home loan
- titleFormal honorific or name
- deedWritten property conveyance
- propertySomething owned or inherent
- homeownershipLegally possessing residential property
realtor · appraisal · inspection · lender · title insurance · homebuyer · down payment · title search
Enforceable written agreement
- agreementShared position between parties
- complianceAdhering to requirements
- due diligencePre-transaction reasonable care
- jurisdictionLegal authority's scope
notary · attorney · fiduciary · beneficiary · trustee · binding · enforceable · release conditions
Uninvolved outside entity
- neutralNot favoring any side
- holderOne who possesses
- stakeholderParty with an interest
- custodianGuardian of a place
depository · safekeeping · intermediary · impartial · independent · custodial · agent · trustee
Self-enforcing coded agreement
- blockchainCryptographic linked transaction record
- cryptocurrencyEncrypted decentralized money
- BitcoinPeer-to-peer electronic cash
- EthereumProgrammable blockchain network
closing
Final stage of something
earnest money · disbursement · settlement · contingency · holdback · title company · buyer · seller · funds · completion
mortgage
Secured home loan
homeownership · realtor · appraisal · inspection · lender · title insurance · homebuyer · down payment · title search · encumbrance
contract
Enforceable written agreement
- agreementShared position between parties
- complianceAdhering to requirements
- due diligencePre-transaction reasonable care
jurisdiction · notary · attorney · fiduciary · beneficiary · trustee · binding · enforceable · release conditions · breach
third party
Uninvolved outside entity
- neutralNot favoring any side
- holderOne who possesses
- stakeholderParty with an interest
custodian · depository · safekeeping · intermediary · impartial · independent · custodial · agent · trustee · fiduciary duty
smart contract
Self-enforcing coded agreement
- blockchainCryptographic linked transaction record
- cryptocurrencyEncrypted decentralized money
- BitcoinPeer-to-peer electronic cash
- bankingbank, banks, ATM, ATMs, account
- business lawbusiness law, commercial law, corporation, commercial code, S corp
- housingapartments, home, house, houses, homes
- financial termswealth, asset, currency, balance sheet, audit
- Home Buyingmortgage, downpayment, down payment, closing, closing costs
- paymentspayment, monthly payment, cash payment, payment date, credit cards
escrowdirect payment
Funds transferred without intermediary
cash on delivery · upfront payment · direct transfer · wire transfer · cash in hand
escrowpersonal account
Firsthand narrative of experiences
liquid assets · available balance · pocket money · petty cash
- escrow accountNeutral fund holding
- escrow servicesProtected transaction intermediary
- escrow paymentFunds held by intermediary
- escrow feesCharges for neutral fund custody
- escrow processIntermediary safeguards transaction funds
- escrow agentNeutral party holding funds