Escrow
Escrow is an arrangement where a neutral holder (often an attorney or title company) holds funds and/or documents pending satisfaction of defined conditions (such as contract execution, delivery of closing documents, or resolution of a post-closing adjustment). The escrow holder releases items only according to written instructions or agreement terms.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Contract / Closing
- Property types
- Residential, Commercial (Retail/Office/Industrial), Mixed-Use
Read more in the Knowledge Base
- Escrow Holdbacks and Repair CreditsBuyers
- Escrow and the Contract Deposit - How the 10% Works in NYCBuyers
- Seller Default, Transaction Breakdown, and Crisis Management in NYC Residential DealsBuyers
- Earnest Money Risk ProtectionSellers
- Title and Lien Risk MitigationSellers
Related terms
Closing Process
- Closing (Settlement)
- Closing Disclosure (CD)
- Contract Deposit (Earnest Money) Escrow
- Escrow Agent
- Estoppel Certificate
- Holdback Escrow
- Loan Estimate (LE)
- Mansion Tax (Additional NYS Transfer Tax)
- Mortgage Recording Tax (NYC)
- NYC Real Property Transfer Tax (RPTT)
General information, not legal, tax or financial advice.