The amount of money put into escrow is typically determined by the buyers and sellers attorney once the contact has been sent out. I would advise putting the least amount down at contract signing. The initial down payment should be made out to the sellers escrow account.
It is important to use a Real Estate attorney who specializes only in Real Estate to help protect your interests in this tranactions... more
You can withdraw the contract as long as both parties have not fully executed the contract.
If both parties have signed and fully executed the contract, you still have to comply with certain contingencies, perhaps if you cannot comply, you can pull out then.
Always speak with your attorney.
They have your best interests represented.
Good Luck.... more