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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 is basically a savings account held by a neutral third party that is established when your mortgage is taken out. The money in the account covers estimated local and county real estate taxes, home insurance premiums and any special assessments.