20) Escrow Closing Flashcards
1
Q
Real Estate Escrow
A
A process by which money and/or documents are held by a third party until the terms and conditions of an agreement are satisfied.
2
Q
Delivery
A
Surrender of possession and control of a document to a third party.
3
Q
Escrow Agent
A
The third party who is the depositary in an escrow transaction.
4
Q
Escrow Agreement
A
An agreement that directs the escrow agent regarding terms and conditions under which the deed or other instruments are to be delivered to the parties and the dispositions of the deed or other instruments on default.
5
Q
Relation Back
A
A legal doctrine whereby the title acquired by a deed relates back to the moment of the first delivery to an escrow agent.
