Closing Roles: RESPA, Escrow & the Deed Hand-Off

At closing (settlement), the closing agent — escrow officer, title company, or attorney depending on region — collects funds, pays off liens, prorates taxes, records the deed, and disburses proceeds per the Closing Disclosure. The DEED must be delivered and ACCEPTED during the grantor's lifetime to convey title; recording is for protection against third parties, not validity. RESPA governs the settlement process on federally related loans: no kickbacks for referrals of settlement services, and the borrower may request the Closing Disclosure figures in advance. IRS Form 1099-S reports the sale; FIRPTA may require withholding when the seller is a foreign person.