Final answer:
Escrow instructions are typically furnished to parties directly involved in the home buying transaction, including the real estate agent, parties to the escrow, the lender, and potentially the insurance department, based on their need to know and legal involvement.
Step-by-step explanation:
In the context of home buying and the escrow process, escrow instructions are provided to parties who have a stake in the transaction. These instructions detail the conditions and steps necessary for the escrow to close, ensuring that all parties fulfill their obligations for the transaction to be completed. Typically, copies of escrow instructions are not available to just anyone who asks for them; access to this sensitive information is limited to protect the privacy and interests of the involved parties.
Escrow instructions may be furnished to:
- • a real estate agent who is representing a buyer or seller in the transaction,
- • parties to the escrow, which includes the buyer and seller, or their legal representatives,
- • a lender who is financing the transaction,
- • potentially, the insurance department, if there are circumstances related to the property requiring their involvement or oversight.
These permissions are based on the need-to-know basis and legal involvement in the escrow process.