Players in the Home Buying Process

(continued from previous blog)



The Title Company – Investigates to be sure that the person selling the property is the legal owner and that there are no defects to the title or outstanding liens against the property when it closes. They do research and generate a report that also details any other claims that others have on the property, such as easements, mineral rights, or assessments. The Buyer and Selling’s agents are given a title report to look over soon after escrow opened. The Seller typically pays for title insurance for the Buyer.



The Escrow Officer – Has the job of coordinating to make sure that the transaction actually closes on the closing date, that the terms written into the purchase and sale agreement are followed, and that everyone is paid what is due them at closing. They communicate with the other “players” as needed to make sure this happens. They call the Buyer and Seller in to sign final documents a day or so before the closing. Then on the closing date they release money to the appropriate people and have the new ownership recorded at the courthouse by the title company.



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