Escrow & Title
What is 'escrow' in a Kansas real estate transaction and who acts as escrow agent?
AA type of title insurance
BA neutral third-party arrangement where funds and documents are held until all closing conditions are met; the escrow agent may be a title company, attorney, or escrow company✓ Correct
CA lender's reserve account for taxes
DA trust account held by the buyer's agent
Explanation
Escrow is a neutral arrangement where a third party holds funds (earnest money, loan proceeds) and documents until all transaction conditions are fulfilled. In Kansas, a title company, attorney, or escrow company typically serves as escrow agent.
Related Kansas Escrow & Title Questions
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- A Kansas property has an abstract of title. This is best described as:
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- In Kansas, a 'non-disturbance agreement' in a commercial lease transaction assures the tenant that:
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