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An "escrow agent" is a neutral, trustworthy person or company that holds onto important things, like money or documents, for two parties making a deal. They make sure the deal is fair and all agreed-upon conditions are met before releasing the items to the appropriate parties.
For example, when you're buying a house, you and the seller might agree to put a deposit into escrow to show you're serious about the purchase. An escrow agent holds onto the deposit until the deal is finalized. If everything goes smoothly, the escrow agent releases the deposit to the seller. If the deal falls through, the escrow agent returns the deposit to you.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the land of deals and fair play,
An escrow agent saves the day.
Neutral, trustworthy, they stand tall,
Holding items for one and all.
When a house you wish to buy,
An escrow agent is your ally.
They keep your deposit, safe and sound,
Until the perfect home you've found.
If the deal is good and all agree,
The agent releases the money with glee.
But if things go wrong and the deal is no more,
The agent returns your deposit, that's for sure.
The escrow agent's role is clear,
To keep transactions safe, my dear.
So when deals are made, remember their part,
The escrow agent, with a trustworthy heart.