A plant that is on its way to becoming naturalized in an area. Just exactly as it reads, it has escaped from cultivation.
Escape clause
Provision in a contract that allows one or more of the parties to cancel all or part of the contract if certain events or situations do or do not happen.
Escheat
When the ownership of a property reverts to the state because the owner dies without leaving a will.
Escrow
Funds held in reserve both prior to closing (for example the earnest money and deposit) by a third party and after closing by the mortgage company to pay future taxes and homeowners insurance. In some areas, "escrow" also refers to the closing process.
Escrow account
An account that the lender or mortgage servicer establishes to hold funds for the payments for property taxes and insurance.
Escrow agent
A neutral third party who ensures that all condition of a real estate transaction are completed satisfactorily.
Escrow analysis
The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay tax, insurance, and other bills when due.
Escrow closing
When all the conditions of a real estate transaction are completed and title of the property is transferred to the buyer, escrow is considered closed.
Escrow company
A company, which acts as a neutral third party, ensuring that all conditions, of a real estate transaction, established by the buyer, seller and lender, are fulfilled.
Escrow fees
Amount earned by the escrow agent for accumulating and monitoring data from various sources and for distributing it to the parties.
