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Simple English definitions for legal terms

escrow account

Read a random definition: know-how

A quick definition of escrow account:

An escrow account is a special bank account where money is held until certain conditions are met. For example, if you are buying a house, the money for the house may be held in an escrow account until all the paperwork is completed and the sale is finalized. This helps protect both the buyer and the seller. Escrow accounts can also be used for other types of transactions, like paying property taxes or insurance.

A more thorough explanation:

An escrow account is a bank account that is held by a third party, usually an escrow agent, until certain conditions are met. The account is returnable to the depositor or paid to a third person on the fulfillment of specified conditions. It is also known as an escrow deposit.

For example, when buying a house, the buyer may put the money for the purchase into an escrow account until the seller has completed all necessary repairs and paperwork. Once the conditions are met, the money is released from the escrow account to the seller.

Another example is an impound account, which is an account of accumulated funds held by a lender for payment of taxes, insurance, or other periodic debts against real property.

Overall, an escrow account is a useful tool for ensuring that all parties involved in a transaction fulfill their obligations before the money is released.

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almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
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