Title and Escrow companies serve two functions in real estate transactions.
- The Title Company
A title company is responsible for examining the actual title to a piece of real estate. The purpose of the search is to make sure the person selling the property has the right to do so and the person acquiring the property is receiving a clean title. State Title is diligent in reviewing the title to properties, identifying any issues that may exist, and resolving these issues prior to the sale. The Title Company also issues title insurance to protect the lender and/or purchaser from any challenges or issues with the title to the property.
- The Escrow Company:
Buying or selling real estate usually involves the transfer of large sums of money. An Escrow company serves as a neutral third party to handle the transfer of funds and related documents between the the parties involved in the real estate transaction. State Title works with the buyer, seller, and lender to make sure that all elements of the contract and conditions of loans are met, then disburses the funds to the necessary parties. It is essential that all conditions of the sale are met before the property and money change hands. State Title impartially carries out the written instructions given by the principals (buyer, seller and lender). This includes receiving funds and documents necessary to comply with those instructions, completing or obtaining required forms, and handling final delivery of all items to the proper parties upon the successful completion of the escrow.