We’re going to take a look into the role of an escrow agent. So who is in escrow agent? Well, they are a neutral third party appointed to handle the process of escrow, and their primary role is to protect the interests of all the parties involved in the transaction. And that could be the buyer, the seller and the lender.
If there’s one involved, escrow agent holds on to money documents or also assets until the terms of the agreement are met. You’re like the trusted friend you give your money to when you’re buying something from someone else to ensure everyone keeps their part of the deal. They perform several key functions. They secure the deposit and ensure the buyer’s funds or the purchase are in order.
They’ll also manage all of the paperwork like these loan documents and ensure everything is in place for the transaction to go through. Once all the conditions are met like inspections and necessary repairs, the agent will then distribute the funds and transfer the property ownership to complete the transaction. In essence, the escrow agent is there to make sure everything goes smoothly and.
