A trust agreement is a contract that defines the terms between the parties involved and the liability of each. Escrow agreements typically involve an independent third party, an agent called Escrow, who holds a valuable asset until the specified conditions of the contract are met. They should, however, fully encircr the conditions for all parties concerned. (1) a form of account taken by a “fiduciary agent” (an individual, a trust company or a title company) into whom documents and funds are paid in connection with a transfer of real property, including money, mortgage or trust instrument, an existing trust secured by the property, the fiduciary instructions of both parties, an accounting of funds, and other documents necessary to complete the transaction. When the financing is complete and the deed is clear, the trust agent will register the deed to the buyer and deliver money to the seller. The trust or executive agent is a licensee and an independent agent for both parties, who receives a fee for his services. 2) n. originally escrow was the act of Agent Escrow. 3) n. In common parled language, the Escrow agent is called “Escrow”, while the Escrow is actually the account and not a person. 4) v.
place the documents and funds in a fiduciary account, as in: “We will take the agreement.” (See: Fiduciary Agent) A fiduciary service is a contract in which a third party (Escrow`s entity or agent) receives and pays money or property for the main parties to the transaction, with payment based on the terms agreed upon by the parties to the transaction. .