What are “escrow, closing or settlement services?
“Escrow, closing or settlement services” occur after the buyer and seller have executed a contract for the sale of real estate or after a lender has agreed to refinance or provide to a borrower a loan secured by real estate. “Escrow, closing or settlement services” are those administrative and clerical services required to carry out the terms of contracts affecting real estate. The Act defines these services to include, but are not limited to: placing orders for title insurance; receiving and issuing receipts for money received from the parties; ordering loan checks and payoffs; ordering surveys and inspections; preparing settlement statements; determining that all closing documents conform to the parties’ contract requirements; setting the closing appointment; following up with the parties to ensure that the transaction progresses to closing; ascertaining that the lender’s instructions have been satisfied; conducting a closing conference at which the documents are executed; receiving
