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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.
Escrow accounts hold money before it is disbursed for a specific purpose. One type of escrow account is established by the purchaser to hold funds before the purchase. Another type of escrow account is established by the mortgage lender to hold the money for the homeowners property taxes and insurance payments.