An escrow agent is a neutral third party responsible for holding funds, documents, or property on behalf of two parties involved in a transaction until specific conditions are met. The agent ensures that both parties fulfil their obligations before releasing the assets held in escrow. This arrangement provides security and transparency, particularly in real estate transactions or other high-value transactions, by minimising the risk for both parties. The escrow agent plays a crucial role in facilitating smooth and secure transactions while maintaining impartiality and confidentiality.
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This glossary post was last updated: 29th March, 2024.
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