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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).
1 ) n. a form of account held by an  escrow agent  ( an individual , escrow company or title company ) into which is deposited the documents and funds in a transfer of real property , including the money , a mortgage or deed of trust , an existing promissory note secured by the real property , escrow  instructions  from both parties , an ...