What is the term for the independent third party appointed to handle a real estate transaction?

The term for the independent third party appointed to handle a real estate transaction is the escrow officer. This individual is responsible for managing the escrow process, which involves holding funds and documents until all conditions of the sale are met and the transaction can be successfully completed. The escrow officer ensures that both parties adhere to the terms of the agreement, facilitating a smooth closing process.

In contrast, a real estate agent primarily facilitates the buying and selling of properties and represents the interests of either the buyer or the seller, making them a principal party in the transaction rather than an independent third party. A closing attorney, while also involved in real estate transactions, typically provides legal advice and oversees the closing, which may differ slightly from the duties performed by an escrow officer. A title officer focuses on examining the title for issues and ensuring that the title is clear but does not directly manage the escrow process. Hence, the escrow officer is specifically aligned with the definition of an independent third party in this context.