3.14 Definitions
| Library | Real Estate Practice Deskbook (2019 Ed.) |
A. (§3.14) Definitions
Instruments, items, or funds held in escrow are deposited with a party to be held until the performance of a condition. This may be accomplished by an escrow agreement. A sale contract that provides for placing the deed of conveyance, the consideration, or any other part of the transaction in escrow until closing or pending an occurrence is an escrow agreement. The escrowee is the trustee of an express trust. Escrow arrangements can also be of great benefit, for example, when the...
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