What is the role of escrow agents in a real estate transaction?

Escrow agents play a crucial role in real estate transactions by managing the closing process and ensuring that all necessary documents are properly exchanged between the parties involved. They act as neutral third parties who hold and safeguard funds, documents, and instructions related to the transaction until the agreed-upon conditions are fulfilled. This includes verifying that all conditions of the sale are met, coordinating the required paperwork, facilitating communication between buyers and sellers, and disbursing funds to the relevant parties once the transaction is completed. Their primary goal is to protect the interests of all parties involved, which contributes to a smooth and efficient closing process.