What are the duties of an escrow agent?

An escrow agent in Washington is responsible for safeguarding all the funds associated with a real estate transaction. This includes fees, deposits, and payments from the buyer and seller. They also oversee the completion of all documents required during the transaction. The typical duties of an escrow agent include: - Ensuring both parties understand, sign and follow the terms and conditions of the purchase agreement. - Collecting incoming funds such as deposits, loan payments, and other requirements and securely holding them until the sale is final. - Disbursing funds in accordance with the purchase agreement and making sure all taxes, fees, and other costs (such as title insurance) are paid. - Recording all financial transactions associated with the sale, including the transfer of ownership and title. - Ensuring all documents are filed correctly with the appropriate government agencies. An escrow agent also serves as an independent third-party throughout the transaction, providing impartiality to both the buyer and seller. This provides assurance to all involved parties that the transaction is being handled correctly and legally.

Related FAQs

What is a purchase agreement?
What is a deed of trust?
What types of mortgages are available?
What is a real estate title?
What is a quiet title action?
What are the duties of an escrow agent?
What is a restrictive covenant?
What is the role of a surveyor in a real estate transaction?
What is a short sale?
What is the difference between a lease and a rental agreement?

What are the duties of an escrow agent?

Related FAQs

Related Blog Posts