What information must an escrow agent provide to the buyer within 10 business days after establishing an escrow account?

The requirement for an escrow agent to provide specific information to the buyer within 10 business days after establishing an escrow account is crucial for transparency and trust in the transaction. Providing the location of the escrow account and the amount of the deposit allows the buyer to understand where their funds are being held and the exact sum that has been secured for the transaction. This information helps to ensure that the buyer feels confident that their money is safeguarded in a legitimate and secure account.

The other options do not encompass the essential information mandated for the buyer’s peace of mind and coordination of the transaction. For instance, detailing all fees associated with the escrow, while valuable, is not as immediate or fundamental as confirming where the funds are held and their total amount. Similarly, specifying just the type of escrow account established does not offer the same level of assurance or immediate financial clarity to the buyer. Lastly, a comprehensive report of all transactions may be useful but is typically collected and reviewed after establishment rather than immediately after setting up the account. Therefore, option A encapsulates the immediate and necessary disclosure that promotes confidence and clarity in the escrow process.