Preferred Closing Agent
Definition of term
A preferred closing agent works for a title and escrow company or closing company with an affiliated business arrangement with the builder. While buyers are not required to use the builder's preferred closing agent, some will offer incentives such as reduced closing costs in exchange for doing so. The closing agent is in charge of completing the title search, ordering the title insurance policy, creating the settlement statement, managing the escrow account, and drafting the legal paperwork that will be signed on closing day.