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 exists to protect the lender. By requiring the borrower to prepay property taxes and insurance payments, the lender is certain to make the payment on the two more important payments when it comes to a home. The property taxes are required, and if unpaid, can result in a lien or worse.