Escrow accounts provide for the timely payment of taxes and insurance on your home. Changing homeowners insurance with an escrow account can be simple.Discover how to make the switch in six simple steps. An escrow company essentially acts as a middleman between the buyer and seller. Escrow is a vital part of any real estate transaction and protects the financial interests of both buyers and sellers. Want to change your Ohio homeowners insurance, but have a mortgage escrow account? In an escrow closing, the seller signs the deed before a notary and the title agent holds on to the deed until the buyer wires the money. A buyer and seller work with an escrow agent or title company to complete an escrow. The order is complete. No, generally seller financed notes do not escrow for taxes, insurance or other assessments, that is an escrow problem for the seller.