What are the duties of an escrow agent?

An escrow agent in Florida is a neutral third-party individual or entity that is responsible for handling the transfer of funds, documents, and other information between two parties when closing a real estate transaction. The escrow agent is responsible for making sure that all requirements of the closing are met and all necessary documents are accurate and complete. The main duties of an escrow agent include: • Holding onto all funds related to the transaction until the closing is complete. The escrow agent will collect all funds due at closing, including the down payment, settlement charges, and closing costs. • Receiving, reviewing, and filing all required documents. The escrow agent will review documents such as the deed, title insurance policy, contract, and closing statement for accuracy and completeness. • Coordinating the closing. The escrow agent will arrange the signing of documents with all of the parties involved and facilitate the exchange of funds. • Disbursing the funds to the appropriate parties. Once the transaction is complete, the escrow agent will disburse all of the funds to the proper individuals or entities. The escrow agent in a real estate transaction is a critical role, as they are responsible for making sure the closing goes smoothly and all funds and documents are transferred properly. It is important to select an experienced and trustworthy escrow agent to ensure that all of the parties involved in the transaction are protected.

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What are the duties of an escrow agent?

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