Who is the beneficiary and/or owner of an escrow account?
I have an odd question, hopefully some one knows the answer. Purchase and Sale agreement, buyer is to pay all closing cost. No title company, no attorney, no realtor. The buyer placed the earnest deposit into an overseas escrow account. To be made available to the seller. Which party would be considered as the owner or beneficiary of the actual account? And who would be financially responsible to ensure the funds are transferred into the seller's personal banking account in the US? Would this not be considered as a part of the closing cost?