Escrow Agent
Definition
- A neutral third party who holds the documents and money in a real-estate transaction until all conditions of the property sale are met.
Synonyms
reliable, third-person, neutral
Related Terms and Acronyms
- Agent (agt) — Abbreviation,
- A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
- Escrow — Definition,
- An account in which money for property taxes and insurance is held until paid. Money is added to the account every time a mortgage payment is made.
- Trust Account — Definition,
- An account used by a law firm or real estate agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.
