Final answer:
A closing agent may open a new escrow account if the original account does not have enough funds to cover all the expenses of the property sale.
Step-by-step explanation:
In the context of real estate, a closing agent is responsible for managing the closing process of a property sale. One instance where a closing agent would open a new escrow account is if the original escrow account is not sufficient to cover all the necessary expenses, such as the buyer's loan fees, seller's prorated taxes, or any outstanding bills. Opening a new escrow account ensures that there are enough funds to cover these expenses and complete the transaction smoothly.For example If the buyer's loan fees are higher than anticipated or if there are any unpaid bills discovered during the closing process, the closing agent may need to open a new escrow account to avoid any delays or complications.In conclusion, a closing agent may open a new escrow account in situations where the original account does not have sufficient funds to cover all the expenses associated with the property sale.