Escrow & Title
A Wisconsin commercial closing uses an escrow arrangement. The closing agent will:
AAutomatically take title if both parties fail to perform
BHold all funds and documents impartially and distribute them according to escrow instructions upon satisfaction of all conditions✓ Correct
CRepresent the buyer exclusively
DFile the deed with DSPS
Explanation
An escrow agent (neutral third party — usually a title company or attorney) holds funds, the deed, and other closing documents, releasing them to the appropriate parties only after all conditions of the escrow instructions are fulfilled.
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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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