Contracts
A Michigan escrow agreement is used when:
AA property has multiple owners
BA neutral third party holds funds or documents pending fulfillment of conditions✓ Correct
CA broker holds an open house
DA title company issues a title commitment
Explanation
An escrow agreement establishes a neutral third party (escrow agent) to hold funds, documents, or property until specified conditions are met, then distributes them to the appropriate parties. This ensures performance before funds are released.
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