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It starts when you sign a purchase contract with the seller, and ends when you close on the house. Both the buyer and seller must sign the escrow holdback agreement before it gets submitted to the lender.(Seller or Buyer) agrees to deposit such additional funds with Escrow Agent as may be necessary to complete the Work. Not later than one (1) business day prior to. Your earnest money will stay in the escrow account until the home purchase transaction is complete or terminated. Once all tasks described within the Purchase Agreement have been completed, and the appropriate funds are disbursed, the transaction is complete. An escrow holdback agreement allows a transaction to close on schedule.
