Money is deposited in escrow accounts by borrowers to fulfill debt obligations associated with buying homes. (insurancequotes.com)
As condos and their owners age they often don't want to - or don't have the means to pay for major repairs or put enough into escrow accounts for capital repairs. (biggerpockets.com)
All of these will be paid into escrow accounts, managed by your lending bank, from a single check you send them monthly. (money.stackexchange.com)