What is the primary responsibility of an escrow agent?

The primary responsibility of an escrow agent revolves around holding deposits and managing the transaction's funds. This role is crucial in real estate transactions as the escrow agent acts as a neutral third party, ensuring that funds and documents are handled properly during the closing process. They maintain the security and integrity of the funds by holding the buyer's deposit in a trust account until all contractual obligations between the buyer and seller are met. Once the conditions are satisfied, the escrow agent disburses the funds as directed, ensuring a smooth transition of ownership.

In the context of the other choices, managing property tours is typically the role of a real estate agent and does not pertain to the escrow process. Representing the buyer's interests exclusively is also not aligned with the escrow agent’s role, as they must remain impartial and work in the interest of both parties. Assisting in marketing the property falls under the duties of a real estate professional, not an escrow agent, who focuses solely on managing the financial aspects of the transaction. Thus, the escrow agent’s main function is to safeguard and manage funds to facilitate a secure and successful closing.