What are the duties of an escrow agent?

An escrow agent is a neutral third-party who holds and manages the documents and funds necessary to complete a real estate transaction. In California, escrow agents are regulated by the Department of Business Oversight. The main duties of an escrow agent involve managing the documents and funds associated with a real estate transaction. This includes collecting and verifying payment and ensuring that all documents are completed and filed correctly. The escrow agent will also review and identify any potential problems and provide guidance for the parties involved. The escrow agent will also act as a mediator between the buyer, seller, and any other parties involved. The escrow agent should explain any documents or agreements to the parties to make sure that everyone understands their rights. The escrow agent should also communicate any updates or changes to the documents or funds to all parties throughout the process. Finally, the escrow agent will oversee the closing and disbursement of funds after all documents are reviewed and approved. This includes making sure that all parties involved sign the necessary documents, transferring the deed to the buyer, and disbursing the funds. Overall, the escrow agent plays an important role in making sure a real estate transaction is completed properly and efficiently in California. They are responsible for managing documents and funds, providing guidance, and acting as a mediator between the parties involved.

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What are the duties of an escrow agent?

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