Escrow & Title
At a Mississippi closing, the escrow agent holds funds and documents for both buyer and seller. This means the escrow agent is acting as:
AAn agent for the buyer only
BA neutral stakeholder serving both parties, with authority to disburse only when all conditions of the escrow instructions are met✓ Correct
CAn agent for the lender only
DAn employee of the title insurance company
Explanation
An escrow agent is a neutral, independent stakeholder — not an agent for either party. They hold funds and documents and are authorized to disburse and record only when all specified conditions are satisfied.
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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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