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.
At its essence, escrow is the process whereby parties to the transfer or financing of real. estate deposit documents, funds, or other things of value with a neutral and. disinterested third party (the escrow agent), which are held in trust until a specific event.