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Question

Difficulty: MediumOccupational and Specialized Registers

Supply the precise financial register term that correctly completes the sentence below.

Answer:During the commercial property transaction, the buyer placed the deposit into an 【escrow】 account held by a neutral third party until all contractual conditions were satisfied.

Answer

escrow
The term 'escrow' refers specifically to a financial agreement in which a neutral third party holds funds or property on behalf of transacting parties until all specified conditions of the contract are met.

Step-by-Step Solution

1
Analyze the financial context provided in the sentence.
The sentence describes a neutral third-party legal arrangement where funds are temporarily held until contractual conditions are met.
Specialized occupational registers require precise vocabulary appropriate to specific commercial and legal contexts.
2
Identify the specialized banking and finance register term matching this context.
An 'escrow' account is an account held by an impartial third party to safe-keep funds until transaction requirements are fulfilled.
The word 'escrow' fits both grammatically after 'an' and semantically within the financial context.

Key Concept

Occupational and Specialized Registers (Banking and Finance)
Estimated Time:1m 0s
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Topics

Occupational and Specialized Registers

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