Escrow & Title
In an escrow closing, the escrow agent's primary duty is to:
ARepresent the buyer's interests throughout the transaction
BImpartially follow the written escrow instructions of all parties✓ Correct
CEnsure the seller receives the highest possible price
DAdvise the lender on the property's appraised value
Explanation
An escrow agent is a neutral third party who holds funds and documents and follows the written escrow instructions of all parties. They act impartially and do not represent either the buyer or seller.
Related Arkansas Escrow & Title Questions
- In Arkansas, a valid deed requires all of the following EXCEPT:
- A title company's 'insured closing letter' (or closing protection letter) provides:
- A title search reveals an old, unsatisfied mortgage from 20 years ago. The buyer should:
- A deed in lieu of foreclosure is used when a borrower:
- A 'cloud on title' can be cleared through:
- Title insurance protects against:
- What does 'proration' at closing mean?
- A title that is 'marketable' means:
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