escrow account (EN)

phrase

phrase “escrow account”

1. an account where money is kept by a third party until certain conditions are met
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   The buyer deposited the payment into an escrow account until the seller delivered the goods.
2. (US) an account used by a mortgage lender to collect and pay property taxes and insurance on behalf of a homeowner
   Each month, part of her mortgage payment went into an escrow account to cover property taxes and insurance.