ESCROWBANK

An escrow is a contractual arrangement in which a third party receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. This allows large sums of money to be securely transferred. The escrow bank holds the funds for the opponent to see & verify the funds are there. Funds are not released to the receiver until the receiver (and sender) has held up his/her end of the deal (ex. signing a contract, deed or bill of sale to transfer real & personal property).