What is held by a third party until a specified event occurs?

The concept of escrow specifically refers to a financial arrangement in which a third party holds funds or assets on behalf of two other parties until a specific condition or event occurs. This arrangement provides security for both the buyer and seller, ensuring that neither party has access to the funds or assets until they fulfill their contractual obligations. For example, in real estate transactions, escrow is often used to hold the buyer's deposit until the sale is finalized, ensuring that the funds are safely managed while both parties complete their responsibilities.

In contrast, equity refers to ownership interest in a property or business after deducting debts. Evidentiary pertains to something that serves as evidence, and estate generally relates to the total net worth of an individual's assets and liabilities at a specific time. While these terms are relevant in legal and financial contexts, they do not capture the essence of a third party holding assets until a specific event occurs, making escrow the clear choice in this scenario.