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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.
The pros and cons of saving in an escrow account. When you get a mortgage, the lender usually adds real estate taxes and insurance premiums to the monthly house payment. The lender sets aside this money in what is called an escrow account (sometimes itâs called an impound account). An escrow account ensures that the taxes and insurance will be paid on time.