An escrow agent is an independent third party who holds property in trust pending completion of the
terms of the Agreement. The escrow agent is responsible for collecting payments from the Purchaser
and giving those payments to the Seller. Escrow agents are administratively convenient for all parties
to sales transactions as they handle all funds, bills and documents relating to the sales transactions.
Both the Seller and the Purchaser can give the escrow agent instructions – for example, if the Seller
has failed to perform one of his or her obligations under the Agreement, the Purchaser can have the
funds necessary to fulfill that obligation withheld from the Seller out of his or her monthly payment.
