What are Title and Escrow and Do I need Them?

When you purchase a home or when you sell your exising home you will need the assistance of Title and Escrow. Each has their specific duties and each can make the transaction work more smoothly with less problems overall.

TITLE:

When you list your home, you or the listing agent will open Title at a Title Company. This might be a local company or one the agent has used or it can be a company of your choosing. This starts the process of researching the home and making sure you have legal right to sell it. This fee will typically be split with the buyer and added into the closing costs associated with selling your home. [Visit our Mercer Island real estate affiliate for more on Title Insurance]

As a buyer this protects you from obtaining a home that may not be yours once purchased. The Title company researches that there are no outstanding liens against the home and that when you purchase the home you will be free and clear from any issues that the previous homeowner may have had.

ESCROW:

The Escrow company handles all the monies transferred and dispersed. They are a neutral party and only work in the interest of the instructions they are to carry out by the purchase and sale agreement between buyer and seller.

Escrow will typically handle the final closing documents and disburse and money to buyer, seller, agents and file the deed with the county. When a buyer submits earnest money this money can go directly to the Escrow company and be applied to the final purchase cost. Escrow will need all related documents to the sale including documents from the buyer's lender, seller title agreements, and any homeowners insurance documents.

If you have more questions on this or other Anniston AL real estate please don't hesitate to contact us.

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