Explain the way an escrow closing works.
What will be an ideal response?
In an escrow closing, a third party, such as a title company, law firm, or escrow company, acts as the escrowee or escrow holder. Both parties deposit their closing documents with the escrowee, and the escrowee proceeds to close the transaction as an impartial agent, attending to the requirements of each party.If the parties know at the time of contracting that an escrow closing will be required, the contract for sale and purchase may indicate the name of the person or firm to act as escrowee. The parties and the escrowee would then sign an escrow agreement. The escrow agreement stipulates the responsibilities of each signatory as well as the documents each party must prepare and deposit with the escrowee prior to the date of closing.
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Fill in the blank(s) with the appropriate word(s).
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Indicate whether the statement is true or false
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Indicate whether the statement is true or false
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Answer the following statement true (T) or false (F)