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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.
An escrow account exists to protect the lender. By requiring the borrower to prepay property taxes and insurance payments, the lender is certain to make the payment on the two more important payments when it comes to a home. The property taxes are required, and if unpaid, can result in a lien or worse.