When you sign a Purchase, and Sale Agreement you are given choices of a Title Insurance, and Escrow Companies. These are probably something you never thought about or considered.
I should have broken this into two posts because there is a lot going on with Title Insurance.
Having a clear title is essential to getting financing. Clear title means that the chain of title is complete, and without clouds. A cloud can be a claim of adverse possession, like a fence encroachment. It can be a divorce where one party refused to sign documents. There can be liens, encumbrances, and a lot of other terms you never want to hear at a closing, or from your title representative.
Choosing the right company is worth the research, and I’ll do a post about that. Some times it has to do with the Title Insurance representative. A good representative can, or will spot problems, and can know how to quite them. Some know that some things are no problem at all. It helps a lot if your Title Insurance representative has experience.
Escrow is where all the documents come together so you can sign them, get them to where they need to go, and get the documents you need recorded. This is where experience is essential. It’s worth asking how many closings the agent has done, and how many they have on the desk at any one time. Escrow agents can get backed up. You can’t rush escrow, but at the same time it has to be done quickly. Many documents are time sensitive, and closing dates are set in stone.
It’s just worth thinking about ahead of time, but most Real Estate agents have the people they work with, and know. This is many times a good thing. It does help to ask the questions, but Title, and Escrow are something you may need guidance about.
