The new Trec Contract requires Earnest Money and Option Fee to be payable anddelivered to the Escrow Agent. Earnest money is refundable, and it's paid to the escrow agent to hold in escrow, not to the seller.The Texas Department of Insurance requires escrow procedures to provide financial protection to consumers during real estate transactions. By using an escrow service, the buyer can be sure that their money is being held safely until the transaction is complete. While the escrow process may seem very complicated we're here to help you through it and make it as smooth as possible. Smooth wombat writes: In 2013, James Howell's partner inadvertently threw out a hard drive along with other trash.