The definition for Escrow:
Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event, Modernly, in some states, all instruments necessary to the sale (including funds) are delivered to a third (neutral) party, with instructions as to their use.
Double EscrowDouble Escrow
Two concurrent escrows on the same property, having the same party as buyer and seller of the property. Example: Escrow 1 -A buys from B. Escrow 2 -A sells the same property to C. A is using C's money to buy B's property. The process is illegal in many states unless full disclosure is made.
Payoff EscrowPayoff Escrow
An escrow, specifically for the purpose of paying off an existing lien. Usually part of an existing escrow, and called a sub escrow.
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