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How does the closing process work?
We coordinate document signing for all parties and verify that buyers and sellers alike have met the terms of the purchase agreement. Then: funds are paid out of escrow, papers are signed by parties and certified by a notary public, the title is transferred, and the deed is recorded.
What is escrow?
Escrow is a legal arrangement which allows a third party to temporarily hold large sums of money. This money is held until a particular condition – for instance, the fulfillment of a purchase agreement – is met. When buying a home, escrow is used to protect a buyer’s good faith deposit; having a third party hold the money until closing protects both the buyer and seller. However, you may establish an escrow account after purchasing a home as well – this is used to pay for taxes and insurance after closing.
What is a notary public?
A notary public is a licensed agent who facilitates loan closings by certifying that all signers of a binding document are who they say they are.
A clear title is necessary for any real estate transaction; title insurance protects lenders and homebuyers from defects in a title to a property.