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Escrow arrangement
Documents held in escrow are executed documents given by one executing party to a third party (usually a solicitor) to hold to its order until a certain condition is satisfied, or event occurs.
The third party will usually be instructed that, on the satisfaction of such condition or occurrence of such event, the documents must be released out of escrow, usually to the other executing party.
Money may also be held in escrow-that is, held by a third party with irrevocable instructions as to how to dispose of it in different circumstances.
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