If you’re buying a home in Pennsylvania, you may have heard of the term “title escrow.” But what is it exactly and does a title agency do that?
Title escrow is a process through which a neutral third party, known as the title agent, holds onto money and documents related to a real estate transaction. This can include the purchase agreement, earnest money deposit, loan documents, and more. The purpose of escrow is to make sure that all parties involved in the transaction comply with their obligations before any money or property changes hands.
Moreover, a title agency can act as an escrow agent, ensuring that the transaction goes smoothly and everyone gets what they’re supposed to. The title agent is responsible for ensuring that the title to the property is clear and that no liens or other issues exist that could prevent you from owning the property. The title agent will work with the escrow company to ensure that all of the documents related to the sale are in order and that the money from the sale is properly distributed.
When it comes to buying a home in PA, it’s important to understand the role of the title agent and escrow company. These professionals can help make sure that the transaction goes well and that everyone involved in the deal is protected.
As you can see, title insurance plays an important role in buying a property. It protects you from any potential issues with the title of the property and it’s required by law in PA. Be sure to speak to a professional about title insurance requirements and get a policy before buying a house. And if you have any questions about title insurance or would like a quote, feel free to contact us today! We would be happy to help you get the coverage you need.