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For escrows of computer source code, see source code escrow. An escrow is: a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or.
Escrow accounts are used to pay for miscellaneous expenses such as property taxes and homeowner's insurance. The lender is allowed to collect additional money to keep in the account as overage in case the bills are higher than anticipated.However, there are laws in place that limit the overage amount the bank can keep in your escrow account.ender's can generally estimate what you will need for escrow without mistakes. However, there's a chance that their estimates are off. To cover for this, the lender collects overage -- usually called a cushion -- to hold in your escrow account.