Escrow & Title
In a New Mexico transaction, escrow is described as:
AA type of mortgage loan
BA neutral third party holding funds and documents until all conditions of the sale are met✓ Correct
CThe title insurance company's fee
DThe buyer's good faith deposit held by the listing broker
Explanation
Escrow refers to the arrangement where a neutral third party (the escrow agent or title company) holds funds, documents, and instructions until all conditions of the purchase contract are satisfied.
Related New Mexico Escrow & Title Questions
- In New Mexico, a deed must contain which essential element to be valid?
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