Final answer:
A licensed escrow agent can draw up escrow documents under the Utah Escrow Act, facilitating the payment of home insurance and property taxes through an escrow account included in the monthly mortgage payment.
Step-by-step explanation:
A licensed escrow agent has the authority to draw up the necessary documents for an escrow under the authority of the Utah Escrow Act.
In the context of purchasing a home, escrow functions as a financial arrangement where a third party temporarily holds and regulates the payment of funds required for two parties involved in a given transaction.
This third party, such as an escrow agent, ensures that the home buyer's insurance and property taxes are paid through the escrow account, which simplifies the process for the buyer by incorporating these expenses into their regular monthly mortgage payment.