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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.
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.