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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.
An escrow account, also called an impound account, is an account the lender uses to pay the borrowerâs non-mortgage related property ownership expenses. The big expense covered by escrow accounts is property taxes, but they can also be used to pay homeownerâs insurance and homeownerâs association dues.