Escrow & Title
In Washington, who has the primary responsibility for ensuring that all escrow instructions are fulfilled before funds are disbursed?
AThe buyer's real estate broker
BThe escrow officer✓ Correct
CThe title insurance company underwriter
DThe county auditor
Explanation
The escrow officer is the neutral party responsible for receiving, holding, and disbursing funds and documents according to the escrow instructions provided by all parties. They may not disburse funds until all 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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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