Why do we need a neutral third party (i.e. Escrow/Settlement Agent/Title Company/Attorney) to close our transaction?
Most lenders require that a neutral third party close their transactions. This protects you as a consumer and the lender from any misrepresentation of the closing documents. Also the neutral third party is then responsible for getting the release documents for any loans or liens that have been paid off with the transaction, assuring you clear title to your property.
Related Questions
- Is a Notary Signing Agent considered an employee or agent of a title insurance company, title insurance agent, financial institution or attorney?
- Why do we need a neutral third party (i.e. Escrow/Settlement Agent/Title Company/Attorney) to close our transaction?
- Who selects the escrow and title company?
