Escrow & Title
A deed that is signed by the grantor but held by a third party to be delivered upon the occurrence of a condition is known as a(n):
AConditional deed
BEscrow deed✓ Correct
CDeed in trust
DDeferred deed
Explanation
An escrow deed is held by a neutral third party (escrow agent) and delivered to the grantee only upon the fulfillment of specified conditions.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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