In real estate, an "earnest money" deposit accompanies the buyers offer to purchase.  If the contract is accepted, this money is placed in an "escrow" account and serves as a binder or promise to complete the sale.

In lending, a third party lender will usually require the purchaser-borrower to deposit a specified amount of money into an "escrow" account for payment of future taxes and insurance as a "reserve" fund.

The escrow "holder" must [1] safeguard the funds and/or documents, [2] disburse the funds, and/or [3] convey title only when all provisions of the escrow have been fulfilled.  Usually, this function is performed by an attorney.