Title Services
Title Commitments/Title Policies for your residential, vacant land and commercial transactions, whether it be resale, refinance, new construction or permanent financing, Trustee Sale Guarantees and Excess Proceeds Guarantees Litigation Guarantees.
We are issuing agents for Title Resources Guaranty Company, Old Republic National Title Insurance Company, Westcor Land Title Insurance Company and LandAmerica/Commonwealth Land Title Insurance Company, three of the best underwriting companies in America, offering great rates and superior underwriting service.
- Title Resources Guaranty Company
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- Old Republic National Title Insurance Company
- Westcor Land Title Insurance Company
- LandAmerica/Commonwealth Land Title Insurance Company
Escrow Services:
What is Escrow?
Simply stated, the escrow agent impartially carries out the written instructions given by and agreed upon by the principals in the transaction. This includes receiving funds and documents necessary to comply with those instructions, ordering a title commitment for the status of the subject property, and clearing any recorded matters shown, completing or obtaining required forms and handling final delivery of all items to the proper parties upon the successful completion of the transaction.
When all the instructions in the escrow have been carried out, the closing can take place, At this time all outstanding funds are collected and fees – such as title insurance premiums, real estate commissions, termite inspections charges, etc. -are paid. Title to the property is then transferred, or refinanced, under the terms of the purchase contract/escrow instructions and appropriate title insurance is issued.
What is the role of the escrow agent?
The Escrow Agent is an unbiased third party charged with closing the transaction (the escrow) in accordance with written instructions (the Contract) from the Parties (Buyer and Seller) and the Lender.
The Escrow Process…
The life of the escrow may be long or it may be short, but there are five basic steps to each escrow:
The Realtor provides Escrow with the contract and earnest money deposit
SIGNING :
Seller and Buyer attend a signing or documents are sent out for
signature and returned
FUNDING :
The Buyer pays closing funds by cashier’s check or wire transfer
The new Lender funds the loan by check or wire transfer to escrow
CLOSING-RECORDING:
The closing documents are recorded by the title company
Disbursement
Escrow disburses the monies in accordance with written instructions
What can escrow do?
Close the transaction in accordance with the terms of the contract, counter-offers and addendums, complies with the lenders requirements and title insurance requirements.
Serves as the “disinterested 3rd party”, and is the communications link to all parties in the transaction.
What can’t escrow do?
Anything that is not in the contract, counter-offers and addendums, lenders instructions or escrow instructions.
In addition, there are some other functions that the Escrow Agent is prevented from performing, due to reasons of liability, legal restrictions or because of its neutral position, such as:
Give advice
Negotiate
Prepare contracts, counter-offers or addendums
Prepare legal documents beyond the basic “fill-in-the-blank” forms
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