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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).
Escrow Accounts. The other meaning of escrow refers to an escrow account, which is used by mortgage lenders. Escrow accounts hold money for property taxes and homeowners insurance, which the lender pays on your behalf.scrow Holder. The designated escrow holder plays an important role in the purchasing process. As funds are deposited into the account or documents are drafted, the escrow holder is given specific instructions on what do to with the deposits.