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Transfer Of PropertyClosing_and_settlementEASY

In an escrow closing, the escrow agent discovers that the seller has not yet provided the signed deed. What should the escrow agent do?

Correct Answer

C) Hold the closing until all escrow instructions are satisfied, including receipt of the signed deed

An escrow agent must follow escrow instructions precisely. If the signed deed has not been provided, the agent must hold the closing until all conditions are met.

Answer Options
A
Proceed with closing and record the deed later
B
Substitute a quitclaim deed from the escrow company
C
Hold the closing until all escrow instructions are satisfied, including receipt of the signed deed
D
Cancel the transaction and return all funds to the buyer

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Key Terms:

closing_and_settlementtransferescrowagent_duty
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