What is a settlement/escrow agent?- The escrow agent, also known as a "closing" or "settlement" agent or officer, is an impartial third party who oversees the final details of a real estate transaction. Without a closing, there is no sale.
- The closing date is agreed upon in the purchase contract. A closing begins when the agreement is signed and ends when the property changes owners.
- Once the sale has been recorded, the closing agent will hand the keys to the buyer. Typically, the process takes four to eight weeks.
- Note: The term "escrow" is used in some states (California, Oregon) while other states (New York, New Jersey) refer to the process as "settlement" or "closing" services.
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