Escrow

{
  "id": "MLC-T-LAW-001910",
  "term": "Escrow",
  "field": "Law",
  "definition": "A legal arrangement where an asset, often money or property, is held by a neutral third party until specific conditions of a contract are met. This mechanism provides security for both parties in a transaction by guaranteeing that funds or assets are exchanged only upon fulfillment of agreed-upon terms. Real estate transactions frequently use escrow accounts to hold earnest money deposits or closing funds.",
  "url": "https://mlchart.com/terminology/law/escrow/"
}