Buyer And Seller Responsibilities During Escrow

Authored by , LegalMatch Law Library Managing Editor and Attorney at Law

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Escrow is the depositing of instruments and funds with instructions to a neutral third party to carry out the provisions of an agreement or contract. It is typically used in real estate transactions involving the purchase of a home. In any escrow settlement procedure, both the buyer and seller have certain responsibilities.

What Are The Seller's Responsibilities During Escrow?

Some examples of the seller's legal responsibilities during escrow might include:

What Are The Buyer's Responsibilities During Escrow?

Some of the buyer's legal responsibilities during escrow may include:

What Are Prorated Responsibilities?

Prorated responsibilities are those that could be performed by either the buyer or the seller. Such responsibilities are prorated (i.e. divided up) between the buyer and seller when they write the contract. They may include:

Do I Need An Attorney If The Buyer Or Seller In A Real Estate Transaction Has Failed To Perform One Of His Legal Responsibilities?

If you are the buyer or seller in the sale of a piece of property and you feel that the other party has failed to perform or unfairly refuses to perform one of his legal responsibilities, then you should enlist the aid of an attorney. An experienced real estate attorney can properly advise you whether the other party has failed to do something required of him and will recommend a course of action.

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Last Modified: 10-15-2014 03:23 PM PDT

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