Answer-The term 'Escrow account' generally refers to:

An escrow account in simple terms is a third party account. It is a separate bank account to hold money which belongs to others and where the money parked will be released only under fulfilment of certain conditions of a contract. The term escrow is derived from the French term escroue meaning a scrap of paper or roll of parchment, an indicator of the deed that was held by a third party till a transaction is completed.