Escrow officers act as a "dual agent" during the escrow process, meaning they represent both sides of the transaction. After the close of escrow, they become a single agent, meaning they only represent one side. The escrow office has a duty to both parties, but they remain "neutral" and cannot offer advice or support to either side.
These are questions that the above text answers:
1. What is the role of an escrow officer in the real estate closing process?
2. How does an escrow officer act as a "dual agent" during the escrow process?
3. What happens to the role of an escrow officer after the close of escrow?
4. What is the duty of an escrow officer to both parties involved in the transaction?
5. Can an escrow officer offer advice or support to either side during the escrow process?
6. What is the significance of the escrow officer remaining "neutral" during the transaction?
7. What is the difference between a dual agent and a single agent in real estate transactions?
8. How does the role of an escrow officer change from being a dual agent to a single agent?
9. What are the limitations on an escrow officer's ability to represent either side after the close of escrow?