Working Together for a Secure Real Estate Transaction: Escrow and Title
Buying or selling a home is a lengthy process with multiple procedures and parties involved. “Escrow” and “Title” are two essential parts of the transaction that are important to understand.
Escrow: The Reliable Middleman
Escrow works as a neutral third party, holding funds and papers pertaining to the real estate transaction. When a buyer and seller reach an agreement on the selling conditions, they form an escrow account and hire an escrow officer to manage the transaction hold the deposit
Title: Protecting Ownership Rights
The legal ownership of the property is referred to as title. A title search is completed before the sale is finalized to guarantee that the seller has the right to transfer ownership and that the title is free of any liens or encumbrances
The Harmony of Escrow and Title:
Escrow and title work together to provide a smooth real estate transaction
-Smooth Title Transfer
Before transferring the title from the seller to the buyer, the escrow officer confirms that all requirements have been met
-Title Insurance Assurance
The title company validates a clear title through the title search process, which leads to the issuing of title insurance policies for further protection
Together, escrow and title provide a safety net, giving all parties a piece of mind. So, whether you’re buying or selling a home, understanding how escrow and title work together will help you navigate the real estate process.
