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Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage).
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.