Definition of standard. 1 : a conspicuous object (such as a banner) formerly carried at the top of a pole and used to mark a rallying point especially in battle or to serve as an emblem.
Escrow Account Defined in Simple Terms. An escrow account is a deposit account that is created by a third party, usually an escrow agent, to hold in trust valuable assets that are tied to a transaction process on behalf of the transacting parties.
Another common type of escrow account is an account where funds are held prior to the completion of a real estate transaction, typically by a closing attorney or title company. For the purposes of this article, we'll focus on these real estate escrow accounts.