escrow

  an agreement where the consideration of a contract or a portion thereof is deposited with a third party known as escrow agent who is authorized to release payment after fulfillment of some conditions. a written agreement under which documents, funds or other property being transferred from one party to another are placed with a third person or entity, usually a trust company, acting as custodian. the custodian completes the transfer to the second party only upon the fulfillment of certain specified conditions.

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