escrow n : a written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment of some condition

Escrow \Es"crow\, n. [OF. escroe, escroue, a roll of writings, bond. See Scroll.] (Law) A deed, bond, or other written engagement, delivered to a third person, to be held by him till some act is done or some condition is performed, and then to be by him delivered to the grantee. --Blackstone.

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An escrow is:

The word derives from the Old French word escroue, meaning a scrap of paper or a roll of parchment; this indicated the deed that a third party held until a transaction was completed.

Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage).

Internet Escrow has been around since the beginning of Internet auctions and commerce. It was one of the many developments that allowed for trust to be established in the online sphere.

• Three’s no Longer a Crowd with Escrow.com’s New Broker Service - YAHOO!
  Escrow.com announces the launch of a new Broker service that connects and protects both the Buyer and Seller when using a third-party sales Broker. Rancho Santa Margarita, CA (PRWEB) May 11, 2012 Escrow.com is pleased to announce the launch of a new Broker ... Read more on this news related to 'Escrow'
• CBI seeks details of escrow account of Abhishek Verma’s front company - Times of India
  NEW DELHI: Buoyed by the trove of documents alleging money laundering received from a former US-based attorney against Abhishek Verma, Central Bureau of Investigation (CBI) has sought details of the escrow account of New York-based Ganton ... Read more on this news related to 'Escrow'
• PSC approves Frontier's request of $15 million from escrow account - Charleston Gazette
  CHARLESTON, W.Va. -- The state Public Service Commission has approved Frontier Communications' request that it be reimbursed $15.1 million from an escrow account for work made to improve service. The PSC ordered Verizon to set up the $74 million quality-of ... Read more on this news related to 'Escrow'