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Escrow vs Iolta - What's the difference?

escrow | iolta |

As a noun escrow

is a written instrument, such as a deed, temporarily deposited with a neutral third party (the Escrow agent), by the agreement of two parties to a valid contract. The escrow agent will deliver the document to the benefited party when the conditions of the contract have been met. The depositor has no control over the instrument in escrow.

As a verb escrow

is to place in escrow.

As an acronym IOLTA is

interest On Lawyer Trust Accounts.

escrow

English

(wikipedia escrow)

Noun

(en noun)
  • (legal) A written instrument, such as a deed, temporarily deposited with a neutral third party (the Escrow agent), by the agreement of two parties to a valid contract. The escrow agent will deliver the document to the benefited party when the conditions of the contract have been met. The depositor has no control over the instrument in escrow.
  • (legal) In common law, escrow applied to the deposits only of instruments for conveyance of land, but it now applies to all instruments so deposited.
  • (legal) Money or other property so deposited is also loosely referred to as escrow.
  • The state of property deposited with an escrow agent.
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    • Verb

    (en verb)
  • To place in escrow.
  • *

    • See also

    * impound

    Anagrams

    *

    iolta

    English

    Acronym

    (Acronym) (head)
  • Interest On Lawyer Trust Accounts