escrow

American  

[es-kroh, ih-skroh, ih-skroh, es-kroh] / ˈɛs kroʊ, ɪˈskroʊ, ɪˈskroʊ, ˈɛs kroʊ /

noun

1. a contract, deed, bond, or other written agreement deposited with a third person, by whom it is to be delivered to the grantee or promisee on the fulfillment of some condition.

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verb (used with object)

1. to place in escrow.

   The home seller agrees to escrow the sum of $1000 with his attorney.

idioms

1. in escrow, in the keeping of a third person for delivery to a given party upon the fulfillment of some condition.

escrow British  

/ ɛˈskrəʊ, ˈɛskrəʊ /

noun

1. money, goods, or a written document, such as a contract bond, delivered to a third party and held by him pending fulfilment of some condition

2. the state or condition of being an escrow (esp in the phrase in escrow )

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verb

1. to place (money, a document, etc) in escrow

escrow Cultural  

1. The condition of being ineffective until certain conditions are met. For example, money inherited by a minor might be held in escrow until the heir reaches a certain age. Homeowners with mortgages frequently pay money for insurance and taxes on their home into an escrow account each month. The holder of the mortgage then pays the insurance and tax bills out of the escrow account when the bills are due.

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Etymology

Origin of escrow

First recorded in 1590–1600; from Anglo-French escro(u)we, from Old French escro(u)e; scroll

Example Sentences

Some lenders require homeowners to maintain an escrow account to manage taxes and insurance.

From MarketWatch

An escrow company divided the insurance proceeds between each owner and ensured that mortgages were paid off.

From The Wall Street Journal

The U.S. would keep the weapons in an escrow account on U.S. soil to deploy in a crisis if asked.

From The Wall Street Journal

In court, ACRC’s CEO, Shen Li, said the agency believed the couple’s ability to place so much money at once into the escrow account was sufficient proof of their financial suitability.

From The Wall Street Journal

But my girlfriend’s mom was a realtor, and after about a year of us paying for this place, she realized that the house itself was in escrow.

From Los Angeles Times