What Exactly Do Title and Escrow Do?

When you are buying a house there are many papers and documents to sign and approve. It may not seem as simple as you had thought. But with the right agent helping you through every step, it can make it understandable and easy.

As a buyer, you will typically need the assistance of Title and Escrow. These parties can be the same or separate companies but having one company do both can make the process a little more smooth.

An Escrow company is simply the middle man that handles and passes over all the money and necessary documents needed to complete the real estate transaction. The Escrow agent is typically assigned to a specific transaction and carries it through to completion meeting with the buyer and seller to sign final documents for closing. It is also pretty common for buyers to write their earnest money check to the escrow company for credit on their loan applications.

All the final documents, contingencies, loan application and paperwork get sent to the Escrow company with instructions on how to carry out the final closing.

Title insurance can also be purchased through a similar company. Title is typically ordered by the listing agent on a specific house to make sure the seller has legal right to sell the property. Title insurance researches the deeds and title to a property as far back as they can go to make sure there are no outstanding liens or issues associated with the house or the seller. Buyers can also have title insurance to protect them for future issues that might come up and this is usually ordered by the lender since they are the actual owners until the buyer pays off the loan entirely.

Each party has a particular job in buying and selling a house and each is put in place to protect either the buyer or the seller and in which case the buyer can also be the one loaning the money to the occupant of the house.

For more tips and information of if you need help with any North Pole Real estate or Fairbanks homes or property, please don't hesitate to contact our team!

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