A mortgage escrow agent is an independent third party, a person or company that manages the escrow account to facilitate the loan closing.� The escrow agent acts for both the buyer and the seller according to their instructions, safeguarding certain legal documents and funds in a transfer of real property until the specified performance is completed.�
Generally, the escrow agent participates at the end of the mortgage process, the loan-closing stage.�� The escrow agent works to aid in the closing of the loan, ensuring that all the buyer�s and seller�s conditions have been met.�
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An escrow agent�s duties include:
Requesting a title search
Ensuring that the necessary process is followed to clear the title
Consultation with clients explaining documents for signature
Providing copies of properly executed documents
Preparing final closing statement
Mortgage escrow accounts are usually set up for the purpose of managing on-going property related obligations such as taxes, insurance, and other fees, ensuring sufficient available funds and timely payment.�� A mortgage servicer will handle the management of the mortgage escrow.
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