Urgent question about deposit held in escrow

We just signed the purchase and sale agreement for a short sale house, now waiting for bank's response. On P&S, "all deposits ade herunder shall be held, in escrow, by Realty as agent for the seller, subject to the terms ....". Does it mean the agent can cash out the deposit now? I remember last time when we bought a condo, the agent didn't cash out the deposit until the day of title transfer. Anyone can help answer? thanks a lot!