How exactly does it work?

In all honesty ive never had to use it before but i'm in the middle selling a high priced domain at the moment and the buyer wants to use the escrow service for payment.

From what i gather, the buyer sends them the money and, once he tells them everything is okay with the sale, they release that money to me (minus a fee) is that pretty much all there is to the service?

Regards,

Lee