@Carl wrote:
I myself have never heard the term escrow used for anything else, when it comes to real estate.
There are states commonly called "escrow states" where escrow closings are conducted (mostly western states, such as California and, regardless, Florida is not one of them). In any event, escrow companies charge fees for their services.
"Escrow" can be used for many different types of transactions and purposes. It basically only means that a third party (an escrowee) is holding funds or property that is not to be released until certain conditions are met and/or at a specified time.
