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.
An escrow account is a type of bank account held by a third party for the benefit of two other parties.While escrows can be used in just about any transaction, they're frequently used in real estate dealings. Having a separate account for the money helps to protect both parties.efinancing. When you refinance your mortgage, the title company typically opens an escrow account, the key function of which is to facilitate the process of paying off your old loan with the proceeds of the new loan.