What is Escrow? Quiz
Understanding Escrow: Test Your Knowledge
Are you familiar with the concept of escrow and how it plays a crucial role in real estate transactions? Take our quiz to assess your understanding!
- 4 Multiple Choice Questions
- Learn key concepts about escrow
- Perfect for anyone interested in real estate
What is Escrow?
A legal concept that gives you the ability to use your property.
the process in which a neutral third party holds the funds, deed, and other necessary documents while the buyer and seller work out the details of a real estate transaction.
Going through a property’s records to make sure that there are no complications with the property’s history such as deed restrictions, liens, or unpaid taxes.
Working as an intermediary between buyer, seller, lender, insurance companies.
What is the first step in an Escrow Process?
It’s time to close!
The closing agent ensures all requirements are met before closing.
An offer is accepted.
The closing agent addresses fees and charges.
Escrow protects both the....
Buyer and seller
builder and realtor
Lender and investor
Community and schools
Escrow is a ________ where a closing agent of the buyer and seller’s choice holds all of the important documents and funds until closing is complete.
Unsafe place
safe place
Open place
Closed place
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