An escrow agent will hold the funds for a real estate transaction as a neutral third party until the conditions of the contract and sale have been fulfilled by both parties in full. These agents can be a person or an entity, and they function as a safeguard to protect both the buyer and the seller in case of any problems that may cause the sale to fall through.
Since an escrow agent is a part of the transaction, the fees that they charge can be negotiated into the contract of the sale. This is part of what it means when negotiations talk about “closing costs.” Often, the seller will pay the escrow settlement fees along with other closing costs such as title fees like title search, title insurance, title transfer and so on. These costs vary by location, but keep in mind that all parts of the sale are negotiable. If you as the seller or buyer feel that you would like to include the escrow settlement fees and other closing costs in the deal, you must stipulate and agree which party of the sale will be responsible for paying.
Contact Vision Escrow Group for more information.