The terms escrow stay and attorney stay are typically used to describe the process of real estate 
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- Опубликовано: 8 сен 2024
- The terms "escrow state" and "attorney state" are typically used to describe the process of real estate transactions in the United States. The main difference between the two is the professional responsible for overseeing the transaction and ensuring that all legal requirements are met.
In an escrow state, a neutral third party known as an escrow agent or a title company handles the transaction. The escrow agent holds the buyer's funds and the seller's deed until all the conditions of the sale are met. The escrow agent ensures that all necessary documents are signed, funds are transferred, and that the property title is transferred to the buyer. Once all the requirements are met, the escrow agent releases the funds and the deed to the respective parties.
In an attorney state, a licensed attorney represents the buyer or seller throughout the transaction. The attorney is responsible for ensuring that all legal requirements are met and that the transaction complies with state and federal laws. The attorney conducts title searches, drafts and reviews contracts, handles the closing, and advises their client throughout the process.
It's worth noting that some states require both an escrow agent and an attorney to be involved in the transaction. In other states, either an escrow agent or an attorney can handle the transaction, but it's up to the parties involved to decide which professional to use.
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