CH. 14- Escrow & Title Questions with complete solution 2023/2024

CH. 14- Escrow & Title Questions with complete solution 2023/2024WHAT IS ESCROW? - correct answer For purposes of real estate, escrow is defined as the process in which a disinterested third party holds all money and documents relating to a transaction until all of the terms and conditions of the escrow instructions have been satisfied. The parties to the escrow - the buyers and the sellers - are the persons who decide what the escrow instructions will be. These instructions detail the procedures necessary to close the transaction and direct the escrow agent in how to proceed. In many cases, the purchase contract itself serves as the basis for the escrow instructions. ESCROW AGENTS - correct answer In California, the majority of escrows are handled by either of these entities: