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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 helps homeowners by allowing them to pay bills, such as property taxes and homeowners insurance, over a 12-month period, rather than in one lump sum. There are all kinds of âescrowâ you may encounter as a homebuyer.