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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).
With an escrow account, you pay the lender one-twelfth of your annual homeownerâs insurance and real estate tax bills every month as an add-on to your mortgage payment. Your lender then pays the tax and insurance bills in one lump sum.