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Escrow |
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EscrowProperty or money held by a third party until the agreed upon obligations of a contract are met.EscrowDelivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event, Modernly, in some states, all instruments necessary to the sale (including funds) are delivered to a third (neutral) party, with instructions as to their use.Escrow Similar MatchesEscrow accountEscrow accountAn account a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account. Escrowed to Maturity (ETM)Escrowed to Maturity (ETM)Holding of the proceeds from a new bond issue to pay off an existing bond issue at its maturation date. Escrow receiptEscrow receiptA document provided by a bank in options trading to guarantee that the underlying security is on deposit and available for potential delivery. Double EscrowDouble EscrowTwo concurrent escrows on the same property, having the same party as buyer and seller of the property. Example: Escrow 1 -A buys from B. Escrow 2 -A sells the same property to C. A is using C's money to buy B's property. The process is illegal in many states unless full disclosure is made. Payoff EscrowPayoff EscrowAn escrow, specifically for the purpose of paying off an existing lien. Usually part of an existing escrow, and called a sub escrow. |
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