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Ch2-5 Escrow

TermDefinition
Closing Process by which all parties to the transaction conclude the details of a sale, including the signing and transfer of documents and the distribution of funds.
Terms for Closed Transaction The deed is recorded in the name of the buyer; and funds are made available to the seller.
Closing Statement A financial summary of the transaction.
Principals of the escrow The parties to the transaction: Seller and the buyer, not their real estate brokers.
Escrow Agent A neutral party who acts on behalf of the parties to the escrow.
Escrow Instructions Instructions which are signed by both buyer and seller, and which enable an escrow agent to carry out the procedures necessary to transfer real property.
Created by: userjoe
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