Justice Chambers

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY ESCROW Escrow is a legal concept describing a financial agreement whereby an asset or money is held by a third party on behalf of two other parties that are in the process of completing a transaction. Simply put, an escrow is a transaction in which one person in a contract with another delivers a written document, money, evidence of title to real or personal property, or other things of value to a third person to be held by such person until the happening of a certain condition. The term generally is used to refer to the state or condition, though it properly refers only to a written instrument of instructions. The third-party with whom the property is kept in trust is known as an escrow agent or a depositary. The principal parties are the grantee and the grantor. The property given in trust for deposit is known as escrow property and the directions given to the person who accepts delivery of the document are called t...