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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).
Many lenders require their borrowers to use an escrow account. Each month you pay into the account. The money is saved until a tax or insurance payment is due. At this time, the lender pays the bill directly on your behalf with the money from the escrow account.