Are escrow and earnest money equivalent in Mexico real estate transactions?

In the U.S. an escrow or title company is legally empowered to see that the agreed upon conditions of an escrow procedure are met before funds are released. There is no such equivalent in Mexico. It is the notary public (see next question) who acts as "holding agent" for the involved parties. Likewise, the practice of earnest money deposits is not the norm. Recently, some Mexican escrow companies and financial brokerage companies have utilized U.S. bank accounts for earnest money deposits, but foreign buyers should exercise caution.