In an “as-is” offer, the deposit is typically sent to an escrow agent. The escrow agent is usually a neutral third party, such as:

• Title Company: In Florida, it’s common for a title company to act as the escrow holder.
• Real Estate Brokerage: Sometimes, the buyer’s or seller’s real estate brokerage may hold the deposit, but this is less common.
• Attorney: In some cases, an attorney may be designated to hold the deposit, especially in more complex transactions.

The escrow agent holds the deposit until the conditions of the contract are met (e.g., successful closing or contract termination). If the transaction goes through, the deposit is applied to the buyer’s down payment or closing costs. If the deal falls through due to valid contingencies (such as failing to secure financing or inspection issues), the deposit is typically returned to the buyer, assuming the conditions of the agreement are met. Otherwise, the seller may be entitled to keep the deposit as liquidated damages, depending on the terms of the contract.