Escrow is a legal concept to hold money or any asset by a third party. The third-party performs this act based on a legal agreement to support two other parties that are waiting for the fulfillment of a purchase agreement. The escrow process is important when two parties are in the process of completing a transaction. While processing a transaction both party buyer and seller require a trustworthy third-party platform that can hold money or asset until the transaction is completed. This is basically a process for holding an asset or property for an intermediate period. It is a legal agreement among the buyers, sellers, and the third-party.

Credit: vecteezy

When two or more parties are completing a transaction, a trustful third party holds the money in an account which mainly is known as an escrow account. The main purpose of this account is to keep the money secure in this intermediate period. The third party keeps the money on behalf of buyers and sellers in this account. Usually, this account is initiated after receiving the money from the buyer and ends after sending it to the seller.

Credit: picpedia

At first buyers and sellers, both have to register in the third-party platform. As it is a legal agreement all the parties have to agree on the terms of the transactions. In the next step, the buyer makes the payment to the registered third party. The money stays in this escrow account until the seller hand over the property to the buyer. When the buyer accepts the asset the third party sends the money to the seller.

Credit: investopedia

In general, it is not possible to withdraw money from an escrow account except there is a clause in the agreement. Because every lender has different terms for removing money from an escrow account. You can cancel or remove money from your escrow account. But you have to maintain some pre-requisites like there are no due taxes or insurance payments.