An escrow agent opens an escrow and accepts instructions, $ and/or documents from a variety of folks. There may be a buyer and a seller (or the borrower may wear both hats), the seller's lender(s), the buyer's lender(s), realtors and other interested parties.
When everyone's instructions can be met at once, the escrow or transaction is closed. Think "close the deal".
Does that help?
Al
_________________________
Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.
Previous Thread
Index