Escrow

Escrow

An agreement that money or other objects of value be placed with a third party for safe keeping, pending the performance of some promised act by one of the parties to the agreement.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Banking
Category: Mortgage
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Acronym-Abbreviation:

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Related terms

escrow

Legal services; Courts

Money or a written instrument such as a deed that, by agreement between two parties, is held by a neutral third party (held in escrow) until all conditions of the agreement are ...

escrow

Banking; Refinance

This is where your lender collects part of your mortgage payment in a special account to pay your taxes and insurance premiums when they become due. The amount in this account is ...

escrow

Business services; Relocation

Funds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event, after which the funds are released to a designated individual. Or may be ...

escrow

Earth science; Mapping science

(1) A deed delivered to a disinterested person to be delivered to the grantee upon the fulfillment or performance of some act or condition. (2) Money or something of value ...

escrow

Law; General law

Prior to closing a sale, occasionally a deed or some funds are delivered to a neutral third person to be delivered to the other party or parties, upon the performance of a ...

acceleration

Banking; Real estate; Mortgage; Mortgage

The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower) or by using the right vested in the ...

Equity

Banking; Mortgage

The amount a home-owner would receive for a house with the mortgage not completely paid. Subtract the the amount left to pay on the owner's mortgage from current market value of a ...

indemnifiable tax

Banking; Mortgage

If such Tax is an Indemnifiable Tax, X will pay to Y, in addition to the payment to which Y is entitled under this Agreement, such additional amount as is necessary to ensure that ...

VA loan

Real estate; Mortgage

A loan made by a private lender that is partially guaranteed by the Veterans Administration.

adjustable-rate mortgage

Real estate; Mortgage

A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.

acceleration clause

Real estate; Mortgage

A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the ...