Escrow Seller Does For Buyer In Orange
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FAQ
Escrow agents may work for a title insurance company or real estate attorney, as an affiliate of a lender or as an independent escrow company. However, they don't work for the buyer or seller and must remain neutral in any real estate transaction.
Who Does The Escrow Agent Work For? Escrow agents act as neutral third parties in these types of transactions. They serve the escrow agreement, and as such, they don't work for either the buyer or the seller.
The buyer in the real estate sales transaction generally makes the selection of the escrow holder/agent and the title insurance company intending to issue the title insurance coverage. A real estate broker should consult the escrow holder/agent before informing the principals that escrow will close on a certain date.
Escrow agents have a fiduciary duty to both parties involved in the transaction, meaning that they are required to act in the financial interests of both the buyer and the seller and must ensure that the terms of the contract are followed.
Final answer: The principal (seller, buyer or lender) in a transaction can alter escrow instructions. The changes must be agreed upon by all parties involved in the transaction. The escrow officer ensures everyone involved consents to changes made.
The Escrow Holder: prepares escrow instructions. requests a preliminary title search to determine the present condition of title to the property.
