Definitions

1. noun

A fund or account held by a third party, typically a lawyer or a bank, to secure payment or performance of a contract, or to ensure the completion of a transaction.

“The money was placed in escrow until the buyer and seller could agree on the price.”

2. verb

To hold or place something, typically money, in a third-party account to secure payment or performance of a contract.

“The real estate agent will escrow the down payment until the closing date.”