Escrow

Definition of Escrow

A writing, deed, money, stock, or other property delivered by the grantor, promisor or obligor into the hands of a third person, to be held by the latter until the happening of a contingency or performance of a condition, and then by him delivered to the grantee, promisee or obligee. A system of document transfer in which a deed, bond, or funds is delivered to a third person to hold until all conditions in a contract are fulfilled, e.g. delivery of deed to escrow agent under installment land sale contract until full payment for land is made.

That's the definition of Escrow in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.