Escrow Cancellation/s: A Purchase Agreement is a legal and binding contract. One may request to cancel the escrow. For example, if the buyer/s show that they can not qualify for their loan, the Buyer can have their money (deposits) returned. This may also happen if the appraisal is lower than the asking price or that some problems are found during the inspections. A seller may put a "Kick-out Clause" such a clause allows the Seller to accept one buyer's contingent offer over another and as a result back out without penalty if a second buyer makes a better offer.
Escrow Instructions: Are instructions that are signed by both the buyer and the seller, and that enable an escrow agent to carry out the necessary procedures required for the transaction.
Escrow Officer: An escrow officer is an escrow agent that acquired through experience and education a degree of expertise in escrow issues.
Deed: A legal document conveying title to a property. An instrument whereby a seller transfers ownership rights of a property.
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