Posted by John Burley on February 06, 2001 at 13:42:55:
It varies from state to state (and lender to lender, and transaction type to transaction type). What state are you in?
Why not have your Title Officer walk you through the paperwork. Or, see if the local Board of Realtors offers a class on escrow (I know in my state you do not even have to be an agent to attend).