Escrow & Title
A Mississippi real estate closing held 'in escrow' means:
AOnly one party must be present
BAll parties send signed documents and funds to a neutral third party (escrow holder) who completes the transaction when all conditions are met✓ Correct
CThe closing is conducted entirely online
DThe closing attorney acts as the seller's agent
Explanation
Closing in escrow (escrow closing) means the parties deposit their signed documents and funds with an independent escrow holder (title company, attorney, or escrow company) who holds everything until all conditions are satisfied, then closes the transaction.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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