Question

Money or property granted to someone, but held by a third party until specific conditions have been fulfilled is called _____.

Answer 1

Money or property granted to someone, but held by a third party until specific conditions have been fulfilled is called escrow.

The term escrow indicates a temporary condition of an item in financial transactions such as money or property which has been transferred to a third party and this transfer is usually done on the part of a buyer and a seller.

Escrow is usually a type of legal holding account for items, which as cannot be released until the satisfaction of predetermined conditions. Items are held typically in escrow till the process involves a financial transaction that has to be completed. In escrow, valuables are held which include real estate, money, stocks as well as securities.

It is a type of legal arrangement in which a third party holds on to money or property temporarily until a particular condition has been reached which clearly includes the fulfillment of a purchase agreement.

Learn to know more about escrow packages at

brainly.com/question/15861488

#SPJ4