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A contractual agreement for a third party to hold funds required by contract and to be disbursed for specific repairs on the subject property.  Fully functional escrow agreement has protections in place for buyer, seller and escrow agent. 
This is a form that a seller must give a buyer, which details all physical problems and defects that the seller is aware of. This is like the car lemon law, but for houses. It's a big crime for sellers to fail to disclose any problems they're aware of. Note, however, that it's no crime if the seller doesn't report a problem on the form simply because (s)he wasn't aware of it.
A contract between a real estate broker (or his/her agent representatives, acting in the broker's name) and a seller or sellers of real property to give the broker the right to offer the property for sale.
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