Escrow Agent
– buyer and seller don’t have to both be present at the closing, good if they live far
away or don’t want to meet in person
– “relation back” feature: delivery of the deed to the grantee is deemed to relate
back to the date when the grantor placed the deed in escrow. Advantageous if the
grantor has died or been deeded incompetent while the deed was in escrow
– Eliminates the risk to the buyer caused by the gap between the time of the title
search and the closing. Before delivering the purchase price to the seller, the
escrow agent can update the title examination to ensure than no new adverse
conveyances were recorded during the gap
– Represents both parties