What's to stop them from simply having control of the site, redirecting all the links to their property, not fulfilling the terms, and letting me take back possession of what is then a useless domain?

Nothing.
Two options:
1- set the price such that 1/24 of the asking price is equal to the price that you are willing to accept. Like this you'll get the money you want and after you need not care what happens.
2- refuse the 24 installments and insist on a lump sum payment.
I doubt you'll have much luck with either option.

Escrow can have many different aspects. However, YOU pick the escrow company, not theirs. If the buyer is not willing, you don't play. Escrow is a financial instrument where the party to send money puts ALL required into Escrow and the party to provide the "goods" must complete before the money is transferred.

What you have described is not escrow as is generally accepted as a financial instrument and places undue burden on YOU (the seller) if the second party (buyer) backs out mid-deal.

You turn the site over and within 24 hours you are picked clean and they cancel. AT BEST you would only get 1/24th payment.

THAT SAID, we don't give legal advice at WW. WE DO, HOWEVER, give all kinds of OPINIONS about ALL KINDS OF THINGS.

EXAMPLE: the escrow must be held IN FULL for the 24 payments, even it the contract fails, with all proceeds returned/paid at the end of the 24 months. This is to make sure there is a true intent to go through with the contract. If they balk, you walk.

OR, for each 1/24th payment, you release 1/24th of back links. Doubt they will take you up on that.

Reality? You either sell for your desired value/price in lump sum, or you hang on to it until you can find a buyer of like mind.

Final OPINION this is a bit of bait and switch using a legal term the other party has no intention of honoring.

IN ANY EVENT, get a local attorney OF YOUR CHOICE involved if we are talking substantial money (or harm to yourself)! After all, you are talking contracts and lawyers know those better than the rest of us!

Thanks very much to both of you for the input. I agree with both your opinions. This is a very bad deal.

There is some excitement and prospect of immediate cash when an offer to buy is made ... been there done that got the t-shirt...

But do so only with eyes wide open and full caution, particularly on the web and more so when the interest is BACK LINKS ...

More odd ... and this is more philosophical than anything else ... why the freaking offer in the first place since g FROWNS on "paid" links?

Minor note, check out the IPS of the the communications and see where they are located (general). There's some bad actor nations out there, etc. or known spam hosts where fabulous promises are offered and zero reliance and completion ever happen.

In short, take only SERIOUS and KNOWN offers from OFFERS that can be verified. AND KEEP an attorney available!

I don't trust the buyer and the proposed means of purchase

Go with your gut.

I've been entertaining myself with the idea that the buyer intentionally misspelled the key word: Why no, haha, nobody said anything about escrow; we’re sending you to my cousin’s scam site, esgrow dot io.

My two cents. Sold a website/domain entirely about 8 years ago. Honestly I don't remember what online service I used to complete the process as described here, I have no suggestions on what other type of service to use because anyway there are some, but all offer the same process. What I can say is the same as Marshall, go with your gut, and if you don't feel at easy, in peace doing it, then don't.

All in one payment or nothing, Richard Branson got conned with some thing similar, took payments in shares.