An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit of funds or documents into an escrow account to be disbursed upon the closing of a sale of real estate.
Merriam-Webster Online Dictionary
escrow (noun)1.
a deed, a bond, money, or a piece of property held in trust by a third party to be turned over to the grantee only upon fulfillment of a condition
2.
a fund or deposit designed to serve as an escrow
transitive verb
to place in escrow