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What is a Title Company and the Escrow Process?

The Title Company is a third party that acts between a seller or buyer in the transfer of ownership. 

The mechanics

Title Company receives all funds, instructions, documents, and other information necessary to complete the transaction. The Officer enforces the terms and conditions of the purchase contract as well as the lender's requirements. You can also know about your NJ-based title insurance agency online before applying for loans.

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Title insurance, hazard, and grant deeds from the seller to buyer are some of the other duties. To ensure a smooth transaction, everyone involved must sign all paperwork and provide adequate funding.

How do you open an escrow account?

The buyer gives a check within 24 hours of the executed contract. This shows that they are serious. A seasoned title escrow officer is essential to your Team. To prove to the buyer and seller that escrow was opened, a receipt is issued.

What information should one provide to Title Company?

Personal identification can be made from your passport or driver's license. This is a declaration of identity. To confirm that all documents have been legally executed, the Officer acts as a Notary. This is a common procedure in any transaction.

Here are the steps to start a purchase

1. A mortgage professional issues a preapproval letter to a buyer indicating the maximum amount that one can spend on a house.

2. A real estate agent begins looking for a house and makes offers on behalf of the buyer.

3. After both the buyer and the seller have accepted an offer, escrow can be opened.

4. To obtain a mortgage, the buyer must first go through loan underwriting.