Escrow is a legal arrangement in which an asset (often
money, but sometimes other
property such as
art, a
deed of
title,
website, or
software source code) is delivered to a third party (called an escrow
agent) to be held in
trust pending a contingency or the fulfillment of a condition or conditions in a
contract such as payment of a purchase price. Upon that event occurring, the escrow agent will deliver the asset to the proper recipient, otherwise the escrow agent is bound by his or her
fiduciary duty to maintain the escrow account.
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In some states, this person conducts real estate closings and collects the money due the parties.
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