Explore our comprehensive guide to the Minnesota Real Estate Closing Process. Concurrently, a deposit, or earnest money, is paid to the buyer's attorney, broker, or escrow agent (never to the seller directly).The file begins to be processed. The closing on your home is a deadline you don't want to miss. If you do, your purchase agreement could be canceled. Learn the basics of how escrow works and find out what you can do as a seller to help move the needle to closing successfully. Optional closing costs for sellers include buyer incentives, the prorated property tax bill, or real estate attorney fees. Do sellers pay closing costs? In the event the broker acts as the escrow agent, the broker shall obtain written authority from the buyer and seller to hold such items in escrow. The seller should be out upon recording unless there is a contractual agreement otherwise.
