ESCROW/ ESCROW ACCOUNT
Money or a written instrument such as a deed that, by contractual agreement between two parties, is held by a neutral third party (held in escrow) until all conditions of the agreement are met.
An escrow account is a temporary pass through account held by a trusted third party during the process of a transaction between two parties. This is a temporary account as it operates until the completion of a transaction process. The transaction is implemented after all the conditions between the buyer and the seller are complied with.
