What escrow services does the title company provide?
The basic definition of an escrow agent’s responsibility is to accept and hold a deed from the Seller in exchange for funds from the Buyer. The escrow agent will concurrently, when all mutually agreed terms have been satisfied, release the funds to the Seller and deed to the Buyer. In most sale transactions, this “simple” process requires the escrow agent to: • Order a title report on the subject property and obtain all the necessary information to clear any title defects and satisfy existing liens and encumbrances against the property or the principals involved in the sale; • Order a payoff demand to determine how much is owed on the Seller’s mortgage, down to the penny. • Make sure that all instructions from the Seller, Buyer, and Buyer’s lender are followed. • Prepare an estimated closing statement for both parties and review other documents to make certain they conform to the parties’ instructions; • Prepare a policy of title insurance, which protects the Buyer against any ownershi
