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 helps homeowners by allowing them to pay bills, such as property taxes and homeowners insurance, over a 12-month period, rather than in one lump sum. There are all kinds of âescrowâ you may encounter as a homebuyer.