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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).
Your mortgage lender has the legal right to set up and administrate an escrow account to satisfy your mortgage debts. Your mortgage-related escrow account can also be used to satisfy your annual or semi-annual property-tax obligations. In order to utilize this tool, you'll make periodic deposits into this account.