Definition of 'Escrow Agent'
An entity that has fiduciary responsibilities in the transfer of property from one party to another. Typically associated with selling or buying a home or other property, the escrow agent will secure the property and examine documents to make sure that the terms of the sale are met on each end, serving both the buyer and seller in the transaction.
Investopedia explains 'Escrow Agent'
An escrow agent may be a title company when it comes to selling a home; the title company will hold the deed in escrow until all of the terms of both the buyer and seller are met. The buyer may deposit the money for the purchase with the escrow agent, which serves to "validate" the transaction prior to last-minute closing terms.
Whether the escrow agent is a business or an individual, the purpose they serve is that of a neutral, trusted third party to transactions that may involve persons who never end up meeting each other.