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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).
Fortunately, you won't have to worry about setting up an escrow account. Your mortgage lender will do this automatically. Escrow accounts are created when your mortgage account is created. Your monthly mortgage payments include payments for the principal, the interest, taxes and insurance. The taxes and insurance portions are automatically deposited to the escrow account.