Escrow : An agreement between two or more parties providing that certain instruments or property be placed with a third party for safekeeping, pending the fulfillment or performance of a specific act or condition.

Typically, this is seen when a buyer writes a check for earnest money as part of a purchase agreement. In Albuquerque, a title company usually acts as the escrow agent. After the offer is accepted, the check is deposited with the title company. They will then apply the amount of the check as a credit to the buyer at closing. If the contract is terminated, however, the title company will disburse per the instructions in the contract and only with the signatures of all parties involved.