What do you call the person or entity that oversees trust or escrow money?

An escrow agent is a neutral third party entrusted with holding and disbursing funds and relevant documents (like the deed) on behalf of the principals in a transaction. This entity, which can be a title company, attorney, or a real estate broker, ensures that all contractual obligations are met before releasing the assets. The term specifically describes the function of overseeing trust or escrow money until the transaction is finalized, acting as a fiduciary for all parties involved.

B. Escrow master: This is not a standard or legally recognized term within the real estate profession.

C. Mortgage agent: A mortgage agent or loan originator assists the buyer in obtaining financing but does not hold the primary escrow funds for the transaction.

D. Special agent: A real estate broker acts as a special agent for a specific transaction, but "escrow agent" is the precise term for the role of managing trust funds.

1. Maryland Code, Business Occupations and Professions Article, § 17-505(a)(1): This statute specifies that "A real estate broker...shall be the holder of any trust money." This establishes the broker in the functional role of an escrow agent or trustee for these funds.

2. Code of Maryland Regulations (COMAR) 09.11.02.01(C): This regulation defines the responsibilities for handling trust money, stating, "A broker who is entrusted with the care and custody of trust money shall deposit the trust money promptly in an account..." This describes the duties of an escrow agent.

3. Ling, D. C., & Archer, W. R. (2021). Real Estate Principles: A Value Approach (6th ed.). McGraw-Hill Education. In Chapter 12, "Contracts and Title Closings," the text defines an escrow agent as a third party who carries out the provisions of the contract, holding funds and documents until closing (p. 338). This is a foundational concept in university-level real estate education.