Escrow & Title
In North Dakota, the 'closing agent' in a real estate transaction is typically:
AThe real estate agent for the seller
BA title company, attorney, or escrow company that coordinates the exchange of documents, money, and title✓ Correct
CThe listing broker
DThe buyer's lender
Explanation
The closing agent (settlement agent) is a neutral third party—typically a title company, attorney, or escrow company—responsible for coordinating the closing, collecting and disbursing funds, preparing closing documents, and facilitating the transfer of title.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
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