Escrow & Title
What is 'escrow instructions' in an Illinois real estate transaction?
AInstructions given by the buyer's lender about the mortgage escrow account
BWritten directions to the title company or escrow agent specifying conditions that must be met before funds are disbursed and documents recorded✓ Correct
CInstructions from IDFPR on how to handle earnest money disputes
DThe managing broker's instructions to the closing agent about commission payment
Explanation
Escrow instructions are written directions given to the escrow agent (title company) by the parties, specifying exactly what must happen before the agent will disburse funds and record documents. They specify: documents to be executed, conditions to be met (loan approval, title clearance, inspection), funds to be collected and disbursed, and when and how recording should occur. In Illinois, escrow instructions coordinate all aspects of the closing process.
Related Illinois Escrow & Title Questions
- In a quiet title action in Illinois, a property owner goes to court to:
- What is a 'prorated' closing cost and how is it calculated in Illinois closings?
- In Illinois, who typically pays for the owner's title insurance policy?
- What is a 'title defect' and what are common examples in Illinois real estate?
- In an Illinois residential closing, the HUD-1 Settlement Statement has been replaced by the:
- What is a 'deed in lieu of foreclosure' in Illinois?
- In Illinois, who typically prepares the deed in a residential real estate transaction?
- In Illinois, 'cloud on title' refers to:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →