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What is escrow? Broadly speaking it’s the use of a trusted “middle man” who handles money or other assets being transferred between two parties, making sure that the terms of the deal are met by both sides.
During the process of closing on your home, to hold “earnest money” for the transaction, lender's proceeds, buyer, or property, or borrower funds, along with closing documents.
Cash escrow for new construction: money held in escrow from the buyer and after each draw, it is released to the builder after the title search and documentation.
Then as a long-term account that you pay property taxes and insurance into each month, as part of your monthly payments.
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