Quick answer: YES. All 3 of these are distinct roles in the FAR BAR As-Is Contract and although they are often the same they do not need to be. The Escrow Agent is defined on page 1 as a “fill in the blank” on the contract. It is typically left blank, to be filled in by the Seller, OR filled in with the typical Closing and Title agnecy used by the agent for the Buyer.
THIS QUESTION OF WHO SHOULD HOLD THE ESCROW FUNDS SHOULD BE ANSWERED WITHOUT THOUGHT. As I go into in this blog the question of who whould hold title is an important detail. If you’re a Buyer reading this and your agent does not know these intricacies then perhaps you should not be entrusting them with what is often the the largest transact of YOUR LIFE.
BTW, the Closing Agent is responsible for colelcting documents and funds and getting everything signed and recorded. The Title Agent is an insurance agent resposible for issuance of the title policy.
