Which term was newly defined and capitalized in the 2023 update to the One to Four Family Residential Contract (Resale)?

In the 2023 update to the One to Four Family Residential Contract (Resale), the term "Escrow Agent" was newly defined and capitalized. This change likely reflects a need for clarity and precision in the terminology used within the contract. The definition of "Escrow Agent" provides a clear understanding of the roles and responsibilities associated with that position.

Capitalizing the term signifies its importance within the contract, ensuring that all parties understand exactly who the escrow agent is and their role in managing the funds and documents pertinent to the transaction. This was a significant update aimed at enhancing the effectiveness of the contract by clearly outlining the parties involved in a real estate transaction and their respective duties.

Other terms that were already established in prior versions of the contract, such as Closing Agent, Buyer, and Transaction Coordinator, did not receive the same treatment in this update and therefore remain defined in previous versions without a new, specific definition or the emphasis of capitalization. This distinction helps to keep contracts aligned with current practices and terminology, which is critical for clarity in legal documents.