The escrow agent acts as a neutral third-party to hold funds or assets until certain conditions are met. They help ensure that both parties fulfill their obligations and minimize the risk of fraud or default.

Cancellation policies may vary depending on the escrow service provider and the specific terms of the transaction. Generally, if both parties agree to cancel the transaction, the escrow service may return the funds to the appropriate party.

To start an escrow transaction, both parties must agree to use an escrow service and select a reputable provider. Then, they can initiate the transaction and follow the escrow service's instructions to complete the process.

The duration of an escrow transaction may depend on various factors, such as the type of transaction and the specific terms agreed upon by the parties. However, many escrow transactions can be completed within a few days to a few weeks.

If there is a dispute during an escrow transaction, the escrow service may act as a mediator to help resolve the issue. If necessary, the escrow service may also hold the funds until the dispute is resolved.

Fees for using an escrow service may vary depending on the type and size of the transaction. However, reputable escrow services typically charge a reasonable and transparent fee.