A real estate transaction requires more than just the buyers, sellers, and their agents. To complete the sale, you need to go through the escrow process and work with a title company. Once the buyer and seller both have escrow accounts with the title company, the home sale can move forward. The following steps are a must after you have opened an escrow account.
A Guide to Closing Escrow
1. Title Company Completes a Title Search
After opening an account with a title company, you’ll be asked to obtain title insurance to protect you from liens or other title-related issues that could lead to a dispute regarding property ownership. The title company will also perform a title search to confirm current legal ownership and make sure there aren’t any outstanding claims against the home.
2. Perform Home & Pest Inspections
Before closing on the house, you’ll want to complete home and pest inspections. Home and pest inspectors can uncover serious defects with the home, ranging from a termite infestation to a leaking shower. Buyers may negotiate with the seller to address any necessary repairs or obtain a lower price for the sale. Buyers can also back out if they are concerned about significant issues.
3. Deposit Required Funds to Escrow
After the interest rate has been locked and the terms of the transaction have been agreed upon, the final step is to submit the required funds to escrow. Buyers must transfer the rest of their down payment in addition to the money they’ve already deposited into the escrow account. Once the transfer of funds is complete, the paperwork can be finalized and ownership will be transferred.
If you’re looking for a reliable title company to help with your real estate transaction, contact Scarab Title & Escrow Services, LLC in New Port Richey, FL. Using the latest in secure real-estate technology, they provide comprehensive title and escrow services across Central Florida and the Tampa Bay area to ensure a smooth closing experience for their clients. To learn more about what they can do for you, visit them online or call (727) 378-4553.