Escrow agent
The neutral party who holds funds and documents, follows the written instructions of buyer and seller, and pays everyone out at closing. Depending on the state, this is an escrow company, title company or attorney.
Also called: escrow officer, escrow holder, closing agent, settlement agent
Related terms
An arrangement where a neutral third party holds money and documents until every condition of the sale is met. Some states use escrow companies to close; others use title companies or attorneys.
A company that searches title, issues title insurance and often handles closing and escrow. In attorney states, a lawyer may run the closing while the title company provides the policy.
A lawyer who reviews contracts, clears title issues and may run the closing. Some states require an attorney at closing; in others they are optional and hired for complex deals or disputes.
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.
An itemized list of every charge and credit for the buyer and seller in a sale. It shows exactly where each dollar goes at closing and should match the Closing Disclosure.