escrow agent


Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.

escrow agent

n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow)

References in periodicals archive ?
That means the fiduciary duty is imposed upon every title insurer serving as an escrow agent, irrespective of whether or not the engagement contract specifically mentions the duty.
The escrow agent also administers the terms and conditions of the agreement by reporting to both parties any activity relative to the deposit account, and the agent coordinates any desired actions on the part of the parties, including a request for source code release.
Industry asked for private sector escrow agents, and the November proposal satisfies that request.
Attorneys can have their clients contract directly with ESNY for escrow agent service, just as they already do for other services involved in a real estate closing or other escrow situations.
When FIE is named escrow agent, it immediately takes full responsibility for the escrow funds, Halpern explained.
Prior to accepting substitute or additional investment securities or disbursing funds, the escrow agent must receive a new report verifying the continued sufficiency of escrowed funds to meet all future payments of principal and interest on the refunded bonds.
If the settlement amount and accrued interest is released by the escrow agent to the Trust, the Trustee will distribute the amount received to Unit holders as part of a regular quarterly royalty distribution.
The escrow agent will pay the debt service requirements of the refunded bonds on each scheduled payment date through and including the call date and will redeem those refunded bonds maturing on or after the call date at the redemption price (which includes a redemption premium of 101% for the 1994 series A bonds).
If it appears that monies in the escrow fund are not sufficient to cover the warrant payments, the escrow agent must notify the county treasurers at least five days before the payment is due.
The escrow agent has agreed to make payments of principal, interest and any redemption premium, when due, from the escrow trust fund.
The float forward agreement between the escrow agent and Lehman Brothers Special Financing, Inc.
Under the terms of the agreement, MLCS has the option to sell to the escrow agent new government obligations purchased with available cash balances and proceeds of the maturing government obligations already held in escrow.