How long after signing the agreement does the buyer have to deliver the deposit?
Who will hold the money in escrow?
Escrow refers to an arrangement where money is held by a neutral third party (the escrow agent) until the closing date when all the terms of the contract have been satisfied. At closing, the escrow agent transfers the property title to the buyer and transfers the money to the seller.
The escrow agent acts for both parties, and can be an individual (typically an attorney), escrow company, or title company, depending on local practices.