escrow agreement
escrow agreement. The instructions given to the third-party depositary of an escrow. [Cases: Deposits and Escrows 15. C.J.S. Escrows § 6.]
Search Results for: ESCROW AGREEMENT
escrow contract
The agreement among buyer, seller, and escrow holder, setting forth the rights and responsibilities of each. See ESCROW. [Cases: Deposits and Escrows 13, 15. C.J.S. Depositaries §§ 15–17; Escrows§§ 6, 8–10.]
earnest money
earnest money. A deposit paid (often in escrow) by a prospective buyer (esp. of real estate) to show a good-faith intention to complete the transaction, and ordinarily forfeited if the buyer defaults. • Although earnest money has traditionally been a nominal sum (such as a nickel or a dollar) used in the sale of goods,