An escrow relationship is a contractual arrangement in which a third party receives and disburses money, property, documents or items for the primary transacting parties.
An escrow agreement is a contract that outline the terms and conditions between parties involved and the responsibility of each. Escrow agreements generally involve an independent third party called an escrow agent who holds asset of value in trust until the specified conditions of the contract are met.
- Memorandum of Understanding between Transacting parties.
- Underlying contract.
- Letter to FirstBank requesting for an Escrow.