Escrow Closings
- An escrow is a delivery of a deed by the grantor to an independent third party with instructions that it be delivered to the grantee upon the occurrence of certain stated conditions.
- The deed is made out to the grantee.
- Escrow agent or title company, generally.
- The ultimate delivery to the grantee by the escrow agent is usually deemed to relate back to the date the grantor placed the deed in escrow.
- Statue of Frauds does not apply to escrow instructions.
- Escrow agent is in a fiduciary position.
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