For example, when buying a home, rather than give cash directly to the seller, a down payment is generally put into escrow. The money is then given to the seller at the same time legal title to the home is transferred to the buyer, but only after meeting various conditions such as confirming that the seller has legal rights to sell the property, that property inspections are passed, that any loan is funded, etc.
On a smaller scale, someone who buys a product on eBay may use an escrow agent like Pay Pal, so that the seller doesn’t get money until the product is delivered.
We anticipate closing escrow and moving into our new home on Saturday.
Maintaining offices in Zurich, Kuala Lumpur, New York, and Paris, the bank had expanded its services in recent years to offer anonymous computer source code escrow services and faceless digitized backup.
Dan Brown -- The Da Vinci Code
His cash from the barbering, $60, is folded into a money clip for deposit late tonight in his Lorton escrow account.
Ron Suskind -- A Hope in the Unseen
…gave it up presently, as if a cloud had approached the sun or the smog thickened, and so broken the "religious instant," whatever it might’ve been; started up and proceeded at maybe 70 mph along the singing blacktop, onto a highway she thought went toward Los Angeles, into a neighborhood that was little more than the road’s skinny right-of-way, lined by auto lots, escrow services, drive-ins, small office buildings and factories whose address numbers were in the 70 and then 80,000’s.