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LeoGlossary: Escrow
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A financial instrument held by a third party on behalf of the other two parties in a transaction. The money is held by the escrow service until it receives the appropriate written or oral instructions-or until obligations have been fulfilled. Securities, funds, and other assets can be held in escrow.
In cryptocurrency, the agent holds it until the seller receives payment. Then the tokens or coins are released.
Escrow is very common in real estate transactions.
General:
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