Buying or selling a home can take some time from the accepted home offer to closing. The time period that occurs after a seller signs a contract to sell their home and before the home has changed ownership is called the "escrow" period. The term "escrow" refers to the neutral third party that holds on to the buyer's earnest money while the arrangements for the home purchase are made. In Canada, this money maybe held by an attorney or a title company. Home buyers should be aware of the escrow period before they start the purchase process, so they'll know what needs to happen when escrow begins.