escrow
/ˈɛskroʊ/
noun
- A legal arrangement in which money or property is held by a third party until certain conditions are met.
- The buyer put the payment into escrow until the house inspection was complete.
- The funds are held in escrow to protect both the buyer and the seller.
- They used an escrow service for the online transaction to ensure safety.
verb
- To place money or property in the care of a third party until conditions are fulfilled.
- We will escrow the deposit until the work is finished.
- The company decided to escrow the payment to avoid any disputes.
- The lawyer agreed to escrow the funds until the contract was signed.