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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 a type of bank account held by a third party for the benefit of two other parties.While escrows can be used in just about any transaction, they're frequently used in real estate dealings. Having a separate account for the money helps to protect both parties.efinancing. When you refinance your mortgage, the title company typically opens an escrow account, the key function of which is to facilitate the process of paying off your old loan with the proceeds of the new loan.