A seller's broker must review the settlement statement, verify the deposit of the buyer's earnest money, and inform the seller of what they need to bring to the closing. Escrow plays a key role by managing funds and documents between the buyer and seller.
A seller's broker has specific responsibilities after a purchase contract has been signed with a buyer. These responsibilities include:
All of these duties are essential to the successful completion of the real estate transaction and to ensure both the buyer and seller fulfill their contractual obligations.
Additionally, the concept of Escrow is relevant in this context, as it involves a neutral third party managing the transfer of funds and documents between the buyer and seller during the home-buying process. Escrow accounts can also be used to handle the home owner's insurance and property tax payments, which can be incorporated as part of the buyer's monthly mortgage payment.