Escrow & Title
At closing, the escrow officer's role is to:
ARepresent the buyer in negotiations with the seller
BAct as a neutral third party who coordinates the exchange of money and documents according to the parties' instructions✓ Correct
CDetermine the fair market value of the property being sold
DAdvise the buyer on whether to purchase title insurance
Explanation
An escrow officer (closing agent) is a neutral party who holds funds and documents and disburses them according to the mutual instructions of the buyer and seller. The escrow officer does not represent either party but ensures the transaction closes in accordance with the contract.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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