escrow

[es-kroh, ih-skroh, ih-skroh, es-kroh]

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.

verb (used with object)

1. to place in escrow.

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

escrow

/ 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 )

verb

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

escrow

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.

Word History and Origins

Origin of escrow¹

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

Word History and Origins

Origin of escrow¹

C16: from Old French escroe, of Germanic origin; see _screed , _shred , _scroll

Idioms and Phrases

Idioms

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

Example Sentences

It may be more difficult for someone with a mortgage to prepay their real-estate taxes, because their mortgage servicer may pay their local taxes and homeowners insurance through an escrow account.

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Nine months later, Santiago’s loan servicer told him that his escrow account had a negative balance of about $4,400 due to an unpaid property-tax bill of $5,700, the lawsuit said.

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They used crowdfunding and took out a second mortgage on their home to scrape together $100,000 to pay for the procedure, setting $55,000 aside in what they thought was a safe escrow account.

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But so, too, do signs that read “for sale” or “in escrow.”

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He refers to everything from escrow companies to office management to carpet-cleaning services.

Read more on Los Angeles Times