Do I Need To Know What An Escrow Service Is Within The Title Company?

Do I need to know what an escrow service is within the title company? The escrow officer acts like a neutral third party. They make sure that all the obligations of the seller and buyer are completed. They also act as the money exchange between buyer and seller.

The escrow service is very important in the process of buying and selling a house. An escrow officer has gained, through experience and education, a certain degree of expertise in escrow matters. As an escrow officer he is in charge of dispersing funds, such as the purchase price. This can range from hundreds to millions of dollars between buyers and sellers. Escrow officers are also in charge of making sure that all the legal instruments are property notarized. They are the third party between the seller and buyer. Escrow officers sit down with both parties, and they go through the real estate contract to make sure that the buyer and the seller both do their part in the transaction. The escrow officer is the third party that is neutral between the buyer and the seller. He makes sure that all the obligations of the written contract have been completed before the closing of the transaction.

There are hidden defects that can cause escrow fraud. Some people might forge the name of someone they know. They could claim they are the seller when they are not. There could be a person who is mentally incapable of signing the contact. There could be martial relationships which are not taken under consideration. There can be frauds in anything.

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