What is Title in a Real Estate Transaction?
My husband and I bought our first home in Ireland. AND, we sold our first home in Ireland. So we really only knew how the buying and selling process worked in Ireland when we first moved to Colorado. Let me say that the process is very different here in Colorado. We never worked with a buyer’s agent in Ireland (there is no one to represent the buyer’s interests in Ireland…you put in an offer with the listing agent). Our solicitor put in our offer (a buyer’s agent does it here in Colorado…me!) and gathered the deeds and documents to buy the house (what title does in Colorado).
Here is a great video from North American Title Company explaining the role of the title agent. If you are moving to Colorado from another country or from another state, I would love to help you find a house and write up your offer as a buyer’s agent. Please contact me from my ABOUT page.
They work side-by-side with all the TITLE PROTECTORS at North American Title, including the Sales Representative, the Abstractor, the Title Agent, the Closing Agent, the Underwriter and the Claims Attorney. Learn more about all our SUPER HEROES at http://www.nat.com/TitleProtectors.
The Escrow Agent has one of the most crucial roles in the transaction, since he is the protector of the funds that are deposited, as well as the guardian of our customers’ nonpublic personal information that appears on many of the documents he handles. He gathers all funds and instructions and makes sure the wishes of all the parties are carried out and that the funds are properly paid out to all service providers, in addition to the Seller.
The work of the Title Escrow Officer includes:
- The Escrow Agent creates a separate account to hold the funds for the transaction, including:
The earnest money
The Lender’s mortgage deposit
The Buyer’s down payment and closing costs - He follows the conditions of the real estate contract and the Lender’s instructions to make sure all terms are met.
- He prepares all documents associated with the processing and closing of escrow, conveyance of title, recording of documents, clearing of title requirements and issuance of title insurance.
- He reconciles escrow instructions with the commitment or preliminary title report.
- He answers customer questions concerning status of pending items in the escrow files and proactively provides status updates to Real Estate Agents and Lenders.
- He prepares instructions and supporting documents for signing.
- After the closing, he disburses the money in accordance with the closing instructions.
Visit the Title Protectors page to learn more.
Contact a North American Title agent today to put your transaction in the hands of the North American Title SUPER HEROES.
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