When you buy a home, the last step you need to complete is the escrow process. The right agent will be able to help you with the process; however, you should still be aware of what will be taking place.

Firstly, you should know what an Escrow Agent does in order to ensure you’re choosing the right one for you. An Escrow company is a neutral third party that can help in the process of transferring titles over and assist with any escrow, financing or other paperwork needed. An Escrow Agent handles your important documents to ensure everything is kept safe and that all necessary steps are taken in a timely manner.

So how should you choose which Escrow Agent to work with? Oftentimes your broker will recommend someone they’ve worked with before, however, you should look into the recommended Escrow Officer and see if you’d like to follow through with them or choose someone else. The most important factors you should consider are the level of experience the individual has, the stability and financial strength of the Escrow Company behind them, and the price of the service. Fees will vary as well from person to person so ensure you ask for a full list of fees, including giving them your title and escrow costs to give them a clear view of your situation. If the price of the service offered seems low, double-check the hidden fees they may require.

The last thing to understand is what is a title company and why you need one. A title company essentially ensured that everything in the contracts is correct and the title is cleared. This step takes into account any property tax, fraud, liens, judgments, and anything else that is needed to ensure the title is cleared. Once the title company declares the title clear, it can issue you a title insurance, or an insurance policy, to protect you (the buyer) and the lender from potential claims and disputes over the property.

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