Escrow Agent
/ˈɛskroʊ ˈeɪdʒənt/
Definitions
- (n.) A neutral third party who holds funds, documents, or property on behalf of transacting parties until specified contractual conditions are met.
The escrow agent released the payment only after the buyer confirmed receipt of the goods.
- (n.) An individual or entity authorized to manage the escrow arrangement and ensure compliance with its terms.
The escrow agent is responsible for safeguarding the earnest money during the sale process.
Forms
- escrow agents
Related terms
See also
Commentary
The term commonly appears in real estate and commercial transactions; clarity about the agent's duties and conditions for release is crucial in drafting escrow agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.