Escrow vs Title - Oro Valley Homes for Sale
Oro Valley Homes for Sale, Oro Valley Real Estate in Oro Valley Arizona AZ. Search Oro Valley Homes and Real Estate, Oro Valley Realtor Ian Taylor
What does Escrow do?
Escrow is your main point of contact-they are the hub of the transaction bringing together agents, sellers, buyers, lenders, title and all the vendors
When your clients place the escrow company in the contract, your agent will open escrow by submitting your contract and earnest money to the escrow office named, and they will then open the order.
The Escrow Officer has the responsibility to remain as neutral as possible in a real estate transaction
Escrow should keep you informed as to what is happening in your transaction
Escrow handles payoffs of liens, taxes and insurance, prepare some documents, obtain signatures, coordinate services, disburse funds, prepare escrow instructions (when needed) and provide technical assistance
What does Title do?
Title is responsible for researching the public record, finding out what affects the properties, and in many ways maintaining the public records
They issue a Title Commitment to buyers and lenders setting forth what needs to be taken care (Requirements) and what matters will remain against the title (Exceptions).
Buyers have 5 days to review and disapprove of any matters.
Title works with escrow and assist with any title matters on the Commitment needing to be addressed
Upon completion of the transaction (Recording) they issue a Title Policy to the buyer or lender