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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).
(TMFMathGuy). May 25, 2015 at 2:45PM. An escrow account is a broad term that refers to money held by a third party for the purpose of two other parties conducting a transaction, but is most commonly used for real estate purposes.hy lenders use escrow accounts From a lender's perspective, the purpose of having an escrow account is to make sure the property taxes and homeowners get paid every year, on time, to prevent any risk to their investment -- after all, the bank owns a portion of the home until you pay it off.