Escrow Closing

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Question

Answer

delivery

surrender of possession and control of a document to a third party (page 307)

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escrow agent

the third party who is the depositary in an escrow transaction (page 308)

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escrow agreement

an agreement that directs the escrow agent regarding terms and conditions under which the deed or other instruments are to be delivered tot he parties and the disposition of the deed or other instruments on default (page 311)

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long-term escrow

a financing device that combines the land installment contract and the escrow (page 317)

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mortgage escrow

set up by mortgagee to protect escrow - money to be lent to the mortgagor is deposited in an account until it shown there are no outstanding liens on the property (page 318)

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real estate escrow

money and/or documents that are held by a third party until the terms and conditions of a real estate agreement are satisfied (page 303)

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relation back

a legal doctrine whereby the title acquired by a deed relates back to the moment of the first delivery to an escrow agent( page 314)

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Created by: rainesv