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
