The escrow agent (or "closing agent") insures that the transaction occurs consistent with the terms of the purchase and sale agreement. The escrow agent has a limited duty to both buyer and seller, as well as any other party directly involved in the transaction (most comonly a lender). From the buyer's perspective, the escrow agent pays any existing liens on the property, satisfies the loan requirements, and records the deed conveying title to the buyer. From the seller's perspective, the escrow agent collects the purchase funds from the buyer and, after paying all costs incurred by the transaction, disburses the balance to the seller.