Title: Define the term escrow.
Course: Real Estate (12154) > Section: Closing the Transaction

Definition should include

- when escrow is used
- the term in escrow
- an escrow account
- when an escrow account is used
- the difference between an escrow closing and a live closing.

DPOR correlation: 18VAC135-20-400. 19 (Title closing)

Process/Skill Questions:

- How is escrow defined?
- When is escrow used?
- What is the difference between escrow and an escrow account?
- Does escrow vary from state to state? Explain.
- What is an escrow clause?
- What is Virginia’s Wet Settlement Act? What are the attorney responsibilities as they relate to the Virginia’s Wet Settlement Act?
- What are the legal requirements of an escrow account?
- Who should be the owner of an escrow account?