Asked by Melissa Cooper on Jul 21, 2024
Verified
The ______acts as a neutral party and facilitates the sale of real estate by allowing the buyer and seller to complete the transaction without having to exchange documents and funds directly with each other.
A) real estate agent
B) escrow agent
C) attorney
D) paralegal
Escrow Agent
A neutral third party who holds assets or documents in trust until certain conditions are met and then facilitates the transfer of these assets or completion of legal obligations.
- Determine the vital constituents and legal mandates of a real estate transaction, involving offer presentation, completion ceremonies, and the duties of escrow.
Verified Answer
ZK
Zybrea KnightJul 24, 2024
Final Answer :
B
Explanation :
The escrow agent acts as a neutral third party in real estate transactions, holding documents and funds on behalf of the buyer and seller, and ensuring that all conditions of the sale are met before the transaction is finalized.
Learning Objectives
- Determine the vital constituents and legal mandates of a real estate transaction, involving offer presentation, completion ceremonies, and the duties of escrow.