What is a Title Company and the Escrow Process?
First, it’s important to go over some vocabulary terms frequently used in this article: • Escrow – the process of finalizing paperwork and making funds available in order to fulfill one’s obligations according to the contract. • All Parties: In the purchase of a home, anyone who is legally involved. This may include the buyer, seller, spouses, real estate agents, power of attorneys, mortgage lender, loan officer, home builder, and anyone else who, in writing, are associated with the home, purchase, sale, and transfer of ownership. • Title Company: Also known as an Escrow Company. • Earnest Money: money provided by buyer and held for the purpose of showing seller that buyer is serious about purchase. Typically applied to the money needed to purchase home. • Escrow Officer: aka “officer”. The person at Title Company responsible for your file. He or She will be a good source of information. • Funds: Refers to the available money needed to purchase. Often in the form of a Mortgage. This ca
